Wednesday, August 21, 2013

Palmer says he's found huge PNG gas field

From: AAP

August 21, 2013


QUEENSLAND mining magnate Clive Palmer says he has discovered one of the world's largest gas fields, a $35 billion deposit off Papua New Guinea.

Privately-owned company Palmer Petroleum, which he chairs, says the offshore gas field is in the Gulf of Papua, west of Port Moresby.
"The results of the studies are extremely favourable," Mr Palmer said on Wednesday.
"The asset could be worth in excess of $US35 billion and is potentially one of the world's largest gas fields."
He said the gas deposit is located near Exxon Mobil's $US19 billion LNG project in Papua New Guinea, on the northern end of the Gulf of Papua.
Mr Palmer said his company spent more than $50 million to explore an area of more than 3000 square kilometres.
Drill hole analysis and 3D surveys were conducted with British geological company Robertson, which belongs to the world's largest seismic surveyor of oilfields, CGG.
Analysts declined to comment on the discovery.
Earlier this year, Oil Search, which operates all of Papua New Guinea's oilfields, said it found modest quantities of gas in the Gulf of Papua, which led to its decision to pursue further exploration

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