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PNG LNG announces addition to gas resources

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LNG Industry,

ExxonMobil PNG – the operator of the PNG LNG joint venture (JV) – has announced that it has added 2.3 trillion ft3 to the existing PNG LNG project fields’ resource base, following an independent review by Netherland Sewell Associates Inc.

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.

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