Papua New Guinea hands out offshore acreage to Rawson

Australian exploration company Rawson Resources has been awarded the Petroleum Prospecting License (PPL) 560 in the Cape Vogel Basin offshore Papua New Guinea.

PPL 560 is the third license awarded to Rawson in Papua New Guinea, having already secured PPL 549 and PPL 391 in the Aitape Basin.

Rawson said on Wednesday it holds 60 percent interest and operatorship of PPL 560 and that the license award is subject to the company’s acceptance and regulatory requirements.

The license covers 4,680 square kilometers and has been awarded for a six-year term. It also has a six-year renewal period with the first well commitment due in 2020.

The company said that an independent resource assessment by Fekete Associates puts the total mean P50 resource potential at 6.5 Tcf of gas with the Buna prospect as potentially “the largest undrilled prospect in Papua New Guinea since the Elk-Antelope discovery”.

The coastal shallow water location of the license allows low-cost drilling of the major Buna structure utilizing a jack-up rig, with a large discovery capable of supporting a standalone LNG development.

Early seismic data in the area suggested the presence of a gas cap over the Buna structure. Rawson said that recent 2D seismic data appeared to confirm anomalies consistent with a gas-bearing reservoir at the structure as well as firming up additional prospects.

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 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

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply