PNG LNG announces addition to gas resources

The recertification study included all PNG LNG fields, and concluded that the most likely technical recoverable resource is 11.5 trillion ft³. This is a 25% increase from the earlier 9.2 trillion ft³ assessment.

The Managing Director of ExxonMobil PNG, Andrew Barry, said: “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.

“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.”

A major contributor to this increase was the Hides field, due to the 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 t of LNG – a 14% increase from the original 6.9 million tpy design specification. The project is providing long-term LNG supplies to four major customers in Asia, as well as spot and short-term supplies to those and other customers.

Read the article online at: https://www.lngindustry.com/liquefaction/16022017/png-lng-announces-addition-to-gas-resources/