Project has potential for two trains: Oil Search

The National, Tuesday July 19th, 2016

AN independent certification of Elk-Antelope fields located in petroleum retention licence (PRL) 15 in Gulf has proven potential for at least two additional LNG trains in PNG, Oil Search says.
Oil Search had advised that Gaffney Cline and Associates (GCA) and Netherland, Sewell and Associates Inc (NSAI) concluded their independent certification of Elk-Antelope fields, located in PRL 15 in which Oil Search has 22.8 per cent.
The certification process started on  March 13, in line with an agreement between Oil Search and sellers of PAC LNG group of companies relating to the company’s acquisition of its interest in PRL 15 in early 2014.  According to Oil Search, the Antelope fields in PRL 15 and P’nyang in PRL 3 (Oil Search – 38.5 per cent) contained about 10tcf of 2C gas resource, sufficient to underpin at least two additional LNG trains in Papua New Guinea.
Importantly, a high level of 1C resource, of about 6 tcf, should facilitate project financing and LNG marketing. The independent confirmation of the resource range within PRL 15 provided a catalyst for cooperation and/or integration with PNG LNG project.
Managing director Peter Botten said it was an important milestone that enhanced the company’s confidence in Elk-Antelope resource.