ExxonMobil Managing Director, Andrew Barry, has expressed excitement over offshore exploration in the Gulf of Papua.
He says the company has secured petroleum prospecting licenses (PPL’s) over offshore potential reserve areas which are strategically located.
He made the comments during the Inaugural Petroleum and Energy Summit in Port Moresby.
“We are also very excited about our entrance into the offshore where we have picked up interest and operatorship across three petroleum prospecting licenses. The licenses are located more than 150 kilometres offshore in the Gulf of Papua at water depths averaging more than 1,500 metres. These blocks are ideally suited to our capabilities and strengths and stay tuned to hear more about our plans in the near future,” Barry said.
He also revealed that the company is continuing to work with the government on the petroleum development license and associated pipeline licenses for the P’nyang field.
He says ExxonMobil anticipates drilling a further well in late 2017 to further define the resource and enable them to make an informed decision about how best to proceed toward front-end engineering and design.
Bary said the acquisition of InterOil will also further their position in the LNG business on the country.
“We are very excited about the recent acquisition of InterOil which will enhance ExxonMobil’s successful business in Papua New Guinea and bolster our strong position in LNG.
“We believe our involvement in the Papua LNG project will compliment Total and take advantage of synergies with PNG LNG to realise time and cost reductions that will benefit the government, co-venturers, landowners and communities,” he said.
Picture credit: Cedric Patjole