In a quarterly report, PNG LNG joint venture partner Oil Search said that its primary objective for 2010 is to prove up more gas reserves to underwrite the construction of additional LNG trains beyond the initial PNG LNG Project.
Other PNG LNG joint venture partners include ExxonMobil as operator, Santos and Nippon Oil.
During the final quarter of 2009, the company increased its interest in permits PRL 1 and PPL 244, both located offshore in the Gulf of Papua, to 17.73 per cent and 45 per cent respectively.
The company’s gas exploration and appraisal program is set to commence with the drilling of the first well in the Korka prospect, offshore PNG, in the second quarter of 2010.
Article continues below…The 2010 work programs are expected to be approved by the board of Oil Search in February.
The project has the potential to become the largest project ever undertaken in PNG, envisaging an integrated development of the Hides, Angore and Juha gas fields as well as associated gas from the Kutubu, Agogo, Gobe and Moran oil fields. The first LNG cargo is expected to be shipped in early 2014.
