Sunday, October 2, 2022

Exxon hits hydrocarbons in Papua New Guinea

Must Read

OilNOW
OilNOW is an online-based Information and Resource Centre

ExxonMobil announced on Monday that it encountered hydrocarbons after drilling the onshore P’nyang South-2 well, located in the Western Province of Papua New Guinea.

“We are currently evaluating the well results and together with our co-venture partners will assess the P’nyang field resource potential and development pathway,” said Liam Mallon, president of ExxonMobil Development Company. “We will work with the government of Papua New Guinea as we undertake this work.”

The well was safely drilled to 8,940 feet (2,725 meters), reaching high-quality, hydrocarbon-bearing reservoirs in the Toro and Digimu sandstones, consistent with pre-drilling expectations. The well confirms the southeast extension of the field.

“When combined with our acquisition of InterOil Corporation, the increase in assessed reserves at Hides in the existing PNG LNG project and our recent Muruk discovery, this adds to our rapidly growing inventory of low cost of supply natural gas in Papua New Guinea,” Mallon said. “We are continuing with our active onshore and offshore exploration program in an effort to provide additional resources to expand existing and planned development projects.”

Oil Search began drilling the P’nyang South-2 well on Oct. 22, 2017. The well is located in petroleum retention license 3, which covers 105,000 acres (425 square kilometers).

ExxonMobil affiliates operate the license with a 49 percent interest in the block. Affiliates of Oil Search, drilling operator, have a 38.5 percent interest and JX Nippon has 12.5 percent interest.

spot_img

Latest News

Guyana’s non-oil economy also performing well, IMF report shows

The International Monetary Fund (IMF) projects that Guyana, for the next five years, will see growth in its non-oil...

More Articles Like This

spot_img