Abstract

Papua New Guinea has minor oil reserves but growing gas reserves in the Asia Pacific region. There is a rapid decline of remaining oil reserves but by 2015-20 PNG could become a leading global LNG producer. In the fold belt, Miocene Darai carbonate make seismic quality an issue but the Miocene Puri reefs are a play to the southeast and offshore. The intra Mesozoic shales provide regional seals while the Mesozoic rocks provide main reservoirs and source rocks in the fold belt and foreland. Indian, Chinese, Italian, South African, French, Norwegian and Australian companies looking to build LNG or GTL facilities in PNG with two projects operating by 2015 and three by 2020. The October 2009 PNG LNG FID decision will determine the destiny of PNG. Opportunities to be had would be a leading Asia-Pacific gas producer, joining the global ranks of a serious LNG producer, becoming the innovator of ‘botique’ LNG and GTL projects and finding more oil with increased exploration investments.

Keywords: Hides Field • Agore Field • Antelope/Elk Field • Kutubu Complex • Moran Field • P’nyang Field • Gobe/Bilip Gield • Juha Field • Pandora Field • Elevala Field • Antelope-1 • Puk Puk-1 • Stanley-1 • Cobra-1

Presented at: 2009 South East Asia Petroleum Exploration Society (SEAPEX) Conference, Singapore, 2009