Pacific E&P exits Papua New Guinea, to focus on S. America

Pacific Exploration & Production Corp. (formerly Pacific Rubiales) has decided to exit its interests in Papua New Guinea that include the Triceratops and Raptor gas-condensate discoveries in retention licence PRL 39 and exploration permit PPL 475, respectively (OGJ Online, Dec. 3, 2014).

Pacific E&P had 12.09032% of PRL 39 under a farm-in arrangement with InterOil Corp. and its withdrawal will mean InterOil’s interest reverts to 100%. InterOil will now have 78.1114% of the Triceratops discovery.

In PPL 475 (which was formerly PPL237) InterOil’s gross interest will also revert to 100% and its interest in the Raptor discovery to 79.1114%.

Trceratops-3 appraisal well flowed gas at 17.1 MMcfd on test last September with condensate flowing at an average rate of 200 b/d. The flows were constrained by tubing size.

Appraisal of Raptor has been postponed so the the rig can be used to appraise the nearby Elk-Antelope field to advance the Papua LNG project.

Pacific E&P will now refocus its operations on Columbia, Peru, Guatemala, Brazil, Guyana, Belize, and Mexico.

The company has production of 153,000 boe/d from Columbia and Peru. Rubiales field, in Columbia, contributes 36% to that production.

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