Since undertaking a “whole of country” review in 2015, we have been systematically enhancing and expanding our exploration portfolio in PNG. Our exploration acreage has more than doubled since 2015 and is capable of supporting a multi-year, high quality exploration drilling programme that will test both proven and frontier areas with significant resource potential. We believe that approximately 60% of PNG’s total hydrocarbon resource remains to be discovered, with more than 90% of that resource expected to be gas and the rest oil. In hydrocarbon volume terms, the undiscovered remaining potential (yet-to-find estimate) is approximately 40tcf of gas and 550 million barrels of oil.
2017 Planned Exploration Activity
New Business - PNG Power
Availability of power is a significant development challenge in PNG. Oil Search’s new power business has been mandated to find PNG power solutions in support of the PNG Government’s goals for electrification. Our focus is on creating viable, scalable and competitive power projects that can grow in step with demand. As with everything we do in PNG, our success in this venture will depend on the strength of partnerships we form, which in this case is with PNG’s major energy companies. In September 2016, the Markham Valley Biomass Project, which will deliver up to 30MW of lower carbon power for businesses and communities in the Lae region, entered FEED. We will continue to work with local authorities and the PNG Government to deliver power to PNG industry and its people. Read more about Oil Search's new power business here.