ExxonMobil Corp. (XOM) said Monday it has started drilling for natural gas in a key part of Papua New Guinea to support its US$15.7 billion PNG LNG project and possibly underpin its expansion.
ExxonMobil Corp. (XOM) said Monday it has started drilling for natural
gas in a key part of
Papua New Guinea
to
support its US$15.7 billion PNG LNG project and possibly underpin its
expansion.
Exxon has commenced drilling operations at the Hides natural gas field, located
in the impoverished nation's highlands and expected to produce about nine
trillion cubic feet of natural gas. The resource will be piped to a liquefied
natural gas, or LNG, processing terminal on the coast, where it will be chilled
for export and loaded on to tankers bound for
China
,
Japan
and
Taiwan
.
"The start of our drilling program is a key step in meeting our goal of
first LNG deliveries in 2014," said project drilling manager Jim
McDermott.
Australian project partner Oil Search Ltd. (OSH.AU) has said the Hides drilling
program could build enough resources to support a possible expansion of PNG LNG
to three production units from the currently planned two.
Early in the drilling programme, two separate wells in the southern and
northern sections of the field will be drilled to establish the location of the
gas/water contact and delineate the size of the Hides gas field. Funds have
also been allocated to evaluate the potential of deeper sands in the Hides
structure.
"The aim of the
Highlands
programme is to evaluate the
area's gas potential and build a resource base to underwrite further gas
development and LNG expansion opportunities," Oil Search said last month.
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