ExxonMobil set to operate deepwater Gulf of Papua concessions

PPL 374 and PPL 375 offshore Papua New Guinea Oil Search ExxonMobil
PPL 374 and PPL 375 offshore Papua New Guinea. (Map courtesy Oil Search)

Offshore staff

PORT MORESBY, Papua New GuineaExxonMobil and Oil Search (PNG) have agreed to acquire 40% stakes from Gini Energy in two licenses offshore Papua New Guinea.

PPLs 374 and PPL 375 are around 150 km (93 mi) south of Port Moresby in the deepwater Gulf of Papua, in water depths ranging from 1,000-2,500 m (3,281-8,202 ft). They span a total area of 24,936 sq km (9,628 sq mi).

Subject to regulatory and other approvals, operatorship of both licences will transfer from Gini, a subsidiary of CNOOC, to ExxonMobil.

Oil Search managing director Peter Botten said: “During 2015/16, we undertook a comprehensive study of exploration opportunities in PNG. This work identified the offshore Papuan Gulf as an area where there is significant gas potential, with several multi-tcf gas leads and prospects already delineated in these licenses…

“Entering these licences is consistent with the company’s strategy to focus on areas that have the potential to support the company’s expanding LNG portfolio.”

09/13/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...