Exxon discovers new oil and gas reserves in PNG
19 January, 2018, 12:00 am
THE energy giant Exxon Mobil has discovered new natural gas and oil reserves in Papua New Guinea’s Western Province and has begun evaluating the find.
Exxon says it drilled almost 9000 feet into the earth at the P’nyang field, discovering “high-quality, hydrocarbon-bearing sandstone reservoirs.
The find adds to the American company’s “rapidly growing inventory of low cost natural gas” in PNG where it operates the Liquefied Natural Gas Project.
It said reserves acquired in Exxon’s recent purchase of InterOil Corporation, as well as various other gas resources it has rights to around PNG’s highlands and Southern regions.
The president of ExxonMobil Development Company, Liam Mallon, said the company and its co-venture partners were evaluating the well results and assessing how to develop the resource.
He said that Exxon would work with the PNG government to undertake the work.