New gas deposit found
The National, Thursday August 22nd, 2013
AUSTRALIAN petroleum company Mineralogy has identified a A$35 billion gas deposit about 17km off Port Moresby that could be one of the biggest in the world, director and owner Clive Palmer says.
“This is a very large deposit, I think there’s more potential gas there than there is in Kuwait,” Palmer told the Brisbane Times yesterday.
He said the deposit had the potential to power a city the size of Brisbane for at least 100 years – and he made it very clear he had just one intention once extraction began.
Palmer told the Brisbane media that he had no intention of bringing the gas to Queensland; instead he wants to sell it.
“You’ve got to understand the context of this press conference – it’s me as chairman of Minerology and this company announcing something commercial. It’s got nothing to do with social or political issues.”
Palmer said the gas deposit was identified through 3D seismic surveys, and the PNG Government had indicated strong support for his company tapping into it.
He said the project had the potential to revolutionise the country’s economy and the lives of its residents.
“The market for LNG is quite buoyant,” he said.
“The exciting thing about this area is its only 12km off the coast; it’s close to existing infrastructure and close to Port Moresby.
“This is the sort of development that could wholly change the economic future of Papua New Guinea and give it a much greater balance and provide a lot of hope for its citizens to have a better life.
“It won’t make much difference to my life but it should be good for the people of PNG.
“It will make PNG more self-sufficient.”
Palmer again reiterated his plans to retire from his business interests if elected to parliament on Sept 7.
The Palmer United Party leader sidestepped questions about whether his potential election could conflict with his company’s PNG find, given it could impact on international sales for Australian businesses. – Brisbane Times
“Australian gas should be for Australian industry first,” he said. – Brisbane Times