Develop oil, gas reserves

PAPUA New Guinea has five petroleum basins which has the potential to hold hydrocarbon reserves, according to Department of Petroleum and Energy.
Secretary David Manau in a paid advertisement said they included Papua Basin, Cape Vogel Basin, New Ireland Basin, North New Guinea Basin and the Bougainville Basin.
“The Papua Basin is the only petroleum basin system in the country that has been fully explored and currently producing oil and gas with 89 per cent licensed,” he said.
“The other four basins are still under explored and there could be potential for oil or gas.
“More effort and support from the State in terms of policies and incentives are required to encourage exploration in the four underexplored basins to unlock the country’s oil potential.”
Manau added that commercial discovery of oil in PNG was not until in 1986 and production started in 1991 from the Kutubu oil fields.
“The country’s producing oil fields are now almost depleted with remaining recoverable reserve of 48,872 MSTB as of December 2019.
“No new oil discovery has been made as yet.
“Condensates from the gas fields, are the only remaining oil reserves of the country.
More effort from the State in terms of policies and incentives are required to encourage exploration in the four under explored basins to unlock the oil potential.
“PNG has an estimated total recoverable gas reserves of more than 25 trillion cubic feet of gas (tcf)
“All discovered gas fields are located in the Papua Basin and most of them are marginal and stranded gas fields.
“Out of this, 10 tcf is committed to the PNG LNG project, 6.2 tcf is committed to the Papua LNG project and 4.32 tcf is committed to the P’nyang LNG prject.”