Morumbi wants to set up in B’ville

Business, Normal

The National, Friday, May 20, 2011

MORUMBI Oil & Gas Incorporated has announced that further to its acquisition of Rockwell Exploration SA, it is preparing for an exploration programme in Papua New Guinea and establishing operations on Bougainville.
Morumbi, through Rockwell, will focus on oil and gas opportunities in what it considers to be an underexplored and underdeveloped hydrocarbon rich country.
PNG is poised to become a major liquefied natural gas supplier to nearby Asian markets with first deliveries set for 2014.
 ExxonMobil, on behalf of a consortium, is constructing a US$15 billion liquefied gas project of two “trains” to supply 6.9 million tonnes a year under contract to Japan, China and South Korea.
Gas reserves of 13 tcf in the PNG Highlands were identified 20 years ago and had until now been shut in.
There has been little exploration for gas in PNG since that time.
 Favourable PNG fiscal policies, potential size and quality of resource, location and the demand loads required for LNG post- earthquake Japan is driving PNG activity.