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 per cent of PNG’s total hydrocarbon resource remains to be discovered, with more than 90 per cent 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.
Exploration portfolio in place to support further LNG expansion
Oil Search was the most active explorer in PNG in 2018. During the year, the Company undertook drilling operations on four appraisal wells in PNG, two in the Forelands region in Oil Search-operated licences and two on behalf of ExxonMobil in the North-West Highlands. The Company also farmed into four highly prospective licences in the Onshore Gulf and completed one of the largest onshore helicopter-supported seismic programmes in PNG in its history. With an unrivalled acreage position in PNG, which Oil Search estimates to hold 30 trillion cubic feet (tcf) of unrisked gas yet-to-be found, the Company’s exploration strategy remains focused on gamechanger prospects in PNG’s key gas hubs and maximising joint venture alignment to optimise further LNG development in PNG.
2019 Planned Exploration Activity