Project Profile
Value: Undisclosed
Location: Forelands of the Western Province of Papua New Guinea
Resources: 480 bcf of gas and 25 mmboe of condensate
Start-up Year: -
PRL 21 (former PRL 5) is located in the forelands of the Western Province of Papua New Guinea, lying in close proximity to the Fly River, approximately 65 km from PRL 4. Recoverable P50 resources are estimated at 480 bcf of gas and 25 mmboe of condensate.
Reprocessing of some 120 km of 2D seismic data across the Elevala structure was carried out, in order to better define the potential closure and assist in selection of an appraisal location. The success achieved in reprocessing the seismic has led to the decision to process a further 232 km on the Licence area. New mapping and the potential for a sizeable gas and condensate (50 barrels condensate per million cubic feet of gas) resource underlines the need to develop a commercialisation scheme.
Operators:
Horizon Oil: Operator with 45% interest
Talisman Energy: 40% interest
Kina Petroleum: 7.5% interest (after selling 7.5% interest to Mitsubishi March 2012)
Mitsubishi Corporation: 7.5% interest
Contractor:
Parker Drilling: Drilling using Parker Rig 226