Project Profile
Value: Undisclosed
Location: Offshore PNG
Start-up Year: -
UMC Energy has started an extensive 2D seismic acquisition programme over the offshore Petroleum Prospecting Licences: PPL 374 and PPL 375. CNOOC is funding the entire cost of this survey.
The following principal conditions applied to each of the offshore permits, PPL 374 and PPL 375 granted on March 18 2011:
1. During year 1 and 2, Gini at a cost of not less than US$200,000 shall undertake the following work:- review available data, conduct geological and geophysical studies, field mapping and planning for field work, especially seismic data acquisition.
2. During Year 3 and 4, Gini shall undertake the following work: acquire 1,000 line kilometres of 2D seismic data and drill one exploration well.
3. During Year 5, Gini shall undertake the following work: acquire additional 2D seismic work as necessary and drill a second exploration well.
The Year 3 and 4 requirements as summarised in point 2 above have been revised for each of PPL 374 and PPL 375 to the following:
During Year 3 and 4, Gini at a cost of not less than US$6 million shall undertake the following work:- acquire at least 1,000 line km of 2D seismic data, conduct geological and geophysical studies and, subject to the results of the 2D seismic results, plan and conduct a 3D seismic survey over the License area.
The Year 5 requirements as summarised in point 3 above have been revised for each of PPL 374 and PPL 375 to:
During Year 5 and 6, Gini shall undertake the following work: drill one exploration well and, subject to the results of the first well, drill a second well.
Pursuant to the agreements between the company and CNOOC, CNOOC remains responsible for funding any additional expenditure arising out of the variations referred to above.
Oil Search has entered into agreements with Gini Energy Limited, owned by CNOOC Limited, to acquire a 40% interest in each of PPL 374 and PPL 375 blocks. (September, 2016)
Operators:
ExxonMobil: Operator with 40% interest
Oil Search: 40% interest
Gini Energy: 20% interest
(Gini Energy consists of UMC Energy 30% interest and CNOOC 70% interest. )