PNG LNG announces addition to gas resources
By: PNG Today
IN Port Moresby, ExxonMobil PNG, operator of the PNG LNG joint venture, said yesterday it has added 2.3 trillion cubic feet (Tcf) to the existing PNG LNG project fields’ resource base following an independent review by Netherland Sewell Associates Inc.
The recertification study, which included all PNG LNG fields, found that the most likely technically recoverable resource is 11.5 Tcf, a 25 percent increase beyond the earlier 9.2 Tcf assessment.
“The independent review highlights the exceptional quality of the PNG LNG project resources and the significant increase in resource provides the potential for additional mid or long-term sales,” said Andrew Barry, ExxonMobil PNG managing director.
The people of Papua New Guinea will continue to benefit from the PNG LNG project for many years to come.
“We remain committed to working with the government, our co-venturers, provincial governors, landowners and communities to maximise PNG LNG resource value and provide long-term, sustainable benefits to the people of Papua New Guinea,” Barry said.
A significant contributor to the increase was the Hides field, due to completion of development drilling including previously undrilled areas of the field, completion of optimised long term depletion plans and production performance since start up in 2014.
In 2016, PNG LNG produced 7.9 million metric tons, an increase of 14 percent from the original design specification of 6.9 million metric tons a year. The PNG LNG project is providing reliable long-term supplies of liquefied natural gas to four major customers in Asia as well as spot and short-term supplies to those and other customers.