Larus Energy, a Perth-based explorer, which has been actively exploring in PNG since 2009 has commenced the Nanamarope 3D seismic survey in the Petroleum Prospective License 579 area of Central Province.
The 3D seismic survey will reveal potential of one billion oil resource offshore Papua New Guinea.
Minister for Petroleum and Energy, Kerenga Kua, and Department Secretary, David Manau, who inspected the PXGEO 2, a cutting-edge seismic acquisition vessel on its arrival recently.
They were pleased with the progress being made by Larus Energy.
Chairman of Larus Energy, Richard Gazal, said data from the previous 2D seismic surveys illuminated the potential and the presence of major reservoir systems in the highly prospective area, located to the southeast of Port Moresby.
Gazal said this 3D seismic survey is expected to play a significant role in proving up a potential one-billion barrel oil resource.
The Nanamarope prospect is approximately 123 sq. km in size and is estimated us to contain approximately one billion barrels of mean un-risked recoverable resources.
Gaza said the survey will provide invaluable insights into the subsurface geology, mitigating exploration risk and realizing the vast potential of the PPL579 License.
Through its discovery of light oil seeps, Larus was the first to recognise the potential of a working hydrocarbon system in the undrilled and under explored Torres basin.
Larus Energy have made a long-term commitment to PNG and acquiring state of the art 3D seismic data is a significant milestone for the company and a major step towards drilling the first exploration well on the Nanamarope prospect.
Gaza, on behalf of Larus Energy, appreciated the PNG Government’s support for the 3D survey, saying it will bring economic and social benefits to PNG, from the commercialization of a hydrocarbon resource of such scale.