Santos grabs Papua New Guinea acreage

Santos grabs Papua New Guinea acreage
Image courtesy of Santos

Australian LNG player, Santos, signed an agreement to acquire 20 percent interest in Petroleum Prospecting License (PPL) 402 in Papua New Guinea, from both ExxonMobil and Oil Search. 

The license covering an area of 510 square kilometers, and the PPL 402 is located approximately 40 kilometers northwest of the Hides gas field and production facilities, Santos said in a statement on Thursday.

The farm-in results in Santos’ participation in the recently spudded Muruk 1 exploration well. The Muruk 1 well is targeting the Toro Formation, which is gas bearing in the nearby Hides and Juha fields, and is expected to have a mean gas resource of approximately 2 tcf at a proposed depth of approximately  3,450 meters.

The completion of the agreement is subject to regulatory approvals with the terms of the transaction remaining confidential, the statement reads.

Once the farm-in is complete, the PPL 402 participants will be Santos with 20 percent, ExxonMobil with 42.5 percent and the operator Oil Search with a 37.5 percent stake, all through respective affiliates.

Share this article

Follow LNG World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >