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Oil Search to farm-in to acreage in ExxonMobil Papua New Guinea licences

Oil Search to farm-in to acreage in ExxonMobil Papua New Guinea licences

May 29, 2017
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Oil Search has announced that it will farm-in for ExxonMobil’s Papua New Guinea licences that it acquired from InterOil in early 2017.

The licences, which are located in the Eastern Foldbelt in the onshore Papuan Gulf Basin, adjacent to the Elk-Antelope fields in PRL 15 (see map), contain the Triceratops, Bobcat and Raptor discoveries.

As part of the proposed farm-in arrangements, Oil Search will undertake a seismic acquisition programme over the licences over the remainder of 2017 and into early 2018, on behalf of the operator, ExxonMobil.

Commenting on the arrangements, Oil Search’s managing director, Peter Botten, said: “Prior to our proposed bid for InterOil in 2016, Oil Search identified the onshore Papuan Gulf Basin as an area with not only discovered gas resources, but also significant further gas potential. The proposed farm-in to these licences materially enhances Oil Search’s exploration portfolio in this highly prospective area.”

The onshore Gulf licences are in close proximity to the Elk-Antelope fields in PRL 15, which are expected to underpin the Papua LNG development, providing a potential route for future commercialisation.

He added: “We are delighted to be partnering with ExxonMobil in this exciting play fairway, building on our existing relationship within the PNG LNG and Papua LNG projects, and look forward to commencing an active exploration programme.

Oil Search’s acquisition of the licence interests is subject to due diligence and regulatory approvals. 

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