ExxonMobil Encounters Hydrocarbons Onshore Papua New Guinea
January 15 2018 - 5:16PM
Business Wire
- P’nyang South-2 well confirms
high-quality, hydrocarbon-bearing reservoirs
- Evaluation of the resource is
underway
- Builds on ExxonMobil’s exploration
success in Papua New Guinea
ExxonMobil today announced that it encountered hydrocarbons
after drilling the onshore P’nyang South-2 well, located in the
Western Province of Papua New Guinea.
“We are currently evaluating the well results and together with
our co-venture partners will assess the P’nyang field resource
potential and development pathway,” said Liam Mallon, president of
ExxonMobil Development Company. “We will work with the government
of Papua New Guinea as we undertake this work.”
The well was safely drilled to 8,940 feet (2,725 meters),
reaching high-quality, hydrocarbon-bearing reservoirs in the Toro
and Digimu sandstones, consistent with pre-drilling expectations.
The well confirms the southeast extension of the field.
“When combined with our acquisition of InterOil Corporation, the
increase in assessed reserves at Hides in the existing PNG LNG
project and our recent Muruk discovery, this adds to our rapidly
growing inventory of low cost of supply natural gas in Papua New
Guinea,” Mallon said. “We are continuing with our active onshore
and offshore exploration program in an effort to provide additional
resources to expand existing and planned development projects.”
Oil Search began drilling the P’nyang South-2 well on Oct. 22,
2017. The well is located in petroleum retention license 3, which
covers 105,000 acres (425 square kilometers).
ExxonMobil affiliates operate the license with a 49 percent
interest in the block. Affiliates of Oil Search, drilling operator,
have a 38.5 percent interest and JX Nippon has 12.5 percent
interest.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans and
schedules could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and
gas price levels; political or regulatory developments; reservoir
performance; the outcome of future exploration and development
efforts; technical or operating factors; the outcome of future
commercial negotiations; and other factors. References to
“hydrocarbons” and “hydrocarbon-bearing reservoirs” refer to
quantities of oil and gas that are not yet classified as “proved
reserves” under SEC definitions but that we believe may ultimately
be produced. The term “project” as used in this release does not
necessarily have the same meaning as under any government
transparency reporting requirements.
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