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Petroleum

High Arctic and Oil Search reach agreement on rig operations

CANADA’S High Arctic Energy Services has announced that it has agreed to terms with Oil Search Limited for a three year contract renewal for its primary contracts in Papua New Guinea covering the Drilling Rigs 103 and 104 and the drilling support services related to the supply of personnel and rental equipment to support the related drilling operations. The renewal is effective from August 1, 2018 for a three year

Santos says Barikewa significant new natural gas resource in PNG

SANTOS has described the Barikewa field as a significant PNG gas find after the Barikewa-3 well intersected 25 metres of net gas pay within the Toro and Hedinia reservoir objectives. Santos managing director and CEO Kevin Gallagher said the Barikewa-3 result is encouraging and confirms that there are significant natural gas resources close to PNG LNG infrastructure still to be developed. “Barikewa is located approximately 10 kilometres from the PNG

PNG LNG signs mid-term sales agreement with PetroChina 

THE PNG LNG Project co-venturers have entered into a mid-term LNG sale and purchase agreement (SPA) with PetroChina International (Hong Kong) Corporation Limited (PCI), for the supply of LNG commencing in July 2018. The mid-term SPA is for supply of approximately 0.45 million tonnes of liquefied natural gas (LNG) per annum (mtpa) over a three-year period. This SPA takes the total contracted volumes from the Project to 7.0 mtpa, with

High profile PNG development licences under threat

ASX-listed Horizon Oil reports that participants in the high profile PDL-10 Petroleum Development Licence have received a second notice of intention to cancel the licence from the PNG Petroleum Minister, Fabian Pok. The new notice of intention to cancel for PDL-10 and Pipeline Licence 10 (PL-10) follows a similar letter from the Petroleum Minister in May. In that instance, the Petroleum Minister subsequently convened a meeting of the PDL-10 joint

Repsol announces sale of Papua New Guinea interests

SPANISH energy giant Repsol has surprised no-one with the announcement that it is pulling out of PNG. The company acquired the significant PNG oil and gas interests through its global takeover of Talisman Energy, but has been rebuked by some PNG Ministers for showing limited interest in pursuing developments in the country. The buyer of the assets is the Chinese firm Balang International Pte. Ltd, which will now need to

Searcher completes PNG 3D seismic reprocessing project

AUSTRALIA”S Searcher Seismic has announced an expansion of its modern, high-quality and exploration focused seismic, magnetic and geochemical focused production offerings offshore Papua New Guinea with the completion of the Laurabada Ultracube 3D reprocessing project. The Laurabada Ultracube project entailed the reprocessing of two open-file 3D datasets with a modern broadband de-ghosting and pre-stack depth migration sequence over what is highly sought-after acreage. The Ultracube is split into two cubes:

PNG LNG partner Santos rejects takeover offer

LEADING PNG gas producer Santos has named improving oil prices and share market activity amongst its reasons for rejecting a major takeover offer from Harbour Energy Ltd. Santos said that since Harbour’s initial offer on May 21 and a number of subsequent increases in the offer price, Brent oil prices have increased by 14 per cent and the share prices of other major ASX-listed energy peers by an average of

Three train LNG expansion in PNG to move to FEED soon

LEADING PNG oil and gas company Oil Search Ltd believes a proposed three LNG train expansion and development will be ready to enter FEED in the second half of this year. Oil Search’s managing director, Peter Botten, told a company meeting today that the various partners in the PNG LNG and Papua LNG ventures had now agreed on the three train concept. The be constructed in the PNG LNG plant

PNG LNG back online ahead of schedule

PNG LNG Project operator ExxonMobil has reported that LNG production has safely resumed following the temporary shutdown of operations after a severe earthquake occurred in the region on February. 26. LNG exports are expected to resume soon, ahead of earlier predictions of a May start-up. One train is currently operating at the LNG plant near Port Moresby. The plant’s second train is expected to restart as production is increased over

PNG LNG plans receive another boost with major P’nyang reserves upgrade

EXXON Mobil Corporation has revealed that it is on track for a significant expansion of operations in Papua New Guinea after the size of the natural gas resource at the P’nyang field was dramatically increased by 84% to 4.36 trillion cubic feet of gas. The independent recertification study by Netherland Sewell and Associates follows the successful completion in January of the P’nyang South-2 well, located in PNG’s Western Province. ExxonMobil