Palmer boasts gas find off PNG coast
PERTH (miningweekly.com) – Mining personality Clive Palmer has claimed the discovery of a potential $35-billion gas region off the coast of Papua New Guinea (PNG), which he said could rival Western Australia’s North West Shelf.
Under his title as chairperson of Palmer Petroleum, the oil and gas arm of Mineralogy Group, Palmer said that the company had spent more than A$50-million on the exploration of its tenements in the gulf of PNG.
“This is an exciting development for the PNG economy and the region,” Palmer said.
“The asset could be worth in excess of $35-billion and is potentially one of the world’s largest gas fields.
“The results of the studies are extremely favourable and show this new Papua New Guinea gas region could possibly be as significant a resource area as the North West Shelf in Western Australia.”
Palmer said that the new region is located on the northern end of the Gulf of Papua and is close to Exxon Mobil’s liquefied natural gas (LNG) project.
He added that Palmer Petroleum, which holds a 100% interest in the offshore exploration licence, had conducted three-dimensional (3D) surveys over an area covering more than 3 000 km2 and drill hole analysis, working with British geological company Robertson.
“The analysis conducted by Robertson of the seismic and 3D studies has confirmed one of the world’s largest natural gas fields,” he said.
“The evaluation of the 3D seismic surveys identified a significant number of prospects in the exploration licence.”
Robertson estimated that at a p50 level there was approximately 47-trillion cubic feet (tcf) in place with 28 tcf being in the recoverable category.
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