Published On:
By Staff Reporter : PNG Today

PNG LNG Announces Addition to Gas Resources

  • 2.3 Tcf added to the PNG LNG project fields resource base
  • 11.5 Tcf of technically recoverable resources, a 25 percent increase

PORT MORESBY – ExxonMobil PNG, operator of the PNG LNG joint venture, said today it has
added 2.3 trillion cubic feet (Tcf) to the existing PNG LNG project fields’ resource base following
an independent review by Netherland Sewell Associates Inc.

The recertification study, which included all PNG LNG fields, found that the most likely technically
recoverable resource is 11.5 Tcf, a 25 percent increase beyond the earlier 9.2 Tcf assessment.
“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,” said Andrew Barry, ExxonMobil PNG managing director.
The people of Papua New Guinea will continue to benefit from the PNG LNG project for many
years to come.

“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,” Barry said.
A significant contributor to the increase was the Hides field, due to 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 metric tons, an increase of 14 percent from the original
design specification of 6.9 million metric tons a year. The PNG LNG project is providing reliable long-term supplies of liquefied natural gas to four major customers in Asia as well as spot and short-term supplies to those and other customers.

Posted by Staff Reporter : PNG Today on Thursday, February 16, 2017. Filed under , , . You can follow any responses to this entry through the RSS 2.0. Share this Article


Subscribe to Daily News

Enter your email address:

Delivered by PNG Today

© 2018 PNG Today . Powered by Blogger.