Palmer Petroleum Strikes Gas Offshore PNG

The chairman of Palmer Petroleum Clive Palmer today announced 3D seismic surveys have identified a potential $US35 billion gas region off the coast of Papua New Guinea to rival Western Australia’s North West Shelf.

Mr Palmer said what could be one of the world’s largest offshore gas fields had been confirmed following extensive exploration by Palmer Petroleum, the oil and gas arm of Mineralogy Group.

He said Palmer Petroleum, formerly Chinampa Exploration Pty Ltd, had spent more than $50 million on the exploration of its tenements in the Gulf of Papua, west of Port Moresby.

“This is an exciting development for the Papua New Guinea economy and the region,” Mr Palmer said.

“The asset could be worth in excess of $US35 billion and is potentially one of the world’s largest gas fields.

“The results of the studies are extremely favourable and show this new Papua New Guinea gas region could possibly be as significant a resource area as the North West Shelf in WA.

“The new region is located on the northern end of the Gulf of Papua and is close to Exxon Mobil’s LNG project in Papua New Guinea.”

Mr Palmer said Palmer Petroleum, which holds a 100 per cent interest in the offshore exploration license PPL 381, had conducted 3D surveys over an area covering more than 3,000 square kilometres and drill hole analysis, working with British geological company Robertson, part of the CGG Group.

“The analysis conducted by Robertson of the seismic and 3D studies has confirmed one of the world’s largest natural gas fields,” he said.

“The evaluation of the 3D seismic surveys identified a significant number of prospects in PPL 381.

“Robertson estimated that at a p50 level there was approximately 47TCF (Trillion Cubic Feet) in place with 28TCF being in the recoverable category.”

Mr Palmer said the Papua New Guinea Government had offered Palmer Petroleum strong support to help take the Gulf of Papua gas project forward.

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LNG World News Staff, August 23, 2013; Image: Mineralogy