Project Profile
Location: Papuan Fold Belt, Papua New Guinea
Area: 168 sq km
Reserves: Pmean at 4.21 bcm and P10 at 6.90 bcm
Licence award: December 2011
Start-up Year: 2015
PRL 28 is located in the foreland region of the Papuan Fold Belt of Papua New Guinea and covers an area of approx. 42,007 gross acres (168 sq. km). This petroleum retention license for the two graticular blocks comprising the Ubuntu prospect of PPL 259 was granted in December 2011 for a period of five years. During this period, the partners must undertake marketing studies with analysis of future hydrocarbon commercialization scenarios for the Ubuntu gas and gas condensate resource; undertake technical studies to re-map and assess the reserves of the Ubuntu feature, focusing on an integration of the Ubuntu seismic; determine the potential for an integrated development with other nearby fields; deliver gas and/or condensate to local markets; identify landowners and required social mapping; and address other commercialization opportunities for gas/condensate. The cost of the above work is to be not less than US$350,000.
The partners must then undertake engineering studies aimed at appraisal and development of gas and/or condensate delivery; perform a conventional or extended well test on Ubuntu-1; consider drilling an appraisal or development well; and undertake commercial negotiation of gas and/or condensate contracts.
Operators:
Horizon Oil: Operator with 30% interest
Repsol: 37.5% interest
Kumul: 20% interest (subject to PNG Government approval)
P3 Global Energy (P3GE): 12.5% interest