Cott Oil and Gas Ltd has received the final LNG Concept Study for the Pandora Gas Field from Wison Offshore and Marine Ltd (“Wison”).
Cott was awarded a 40% interest in the Pandora gas Discovery (PRL 38) in December 2014 which contains a gross 2C Contingent Resource of 792 BCF gas (132 mmboe). Other participants in the Pandora Project (“the PRL 38 Joint Venture”) include Talisman Energy (25% and Operator), Kina Petroleum Limited (25%) and Santos Limited (10%).
The Pandora gas fields were discovered in 1988 and are located approximately 200km west of Port Moresby in the Gulf of Papua. The gas field comprises two discoveries in water depth of approximately 120m.
Wison has presented two technically and commercially feasible concepts based on a lean gas composition for consideration.
The first is a 1mtpa offshore Floating Liquefied Natural Gas (FLNG) vessel incorporating gas clean up, liquefaction and storage for 170,000m3; the second, a Near Shore LNG vessel with 170,000m3 of storage and with sufficient topside space to accommodate up to 2.5 mtpa of liquefaction capacity.
Wison is currently constructing a 0.5 mtpa FLNG vessel for Exmar BV which will be completed in 2H 2014 and start operations off the coast of Colombia in early 2015. Exmar is a diversified shipping group that operates a fleet of over 40 gas carriers and offers turnkey FLNG solutions in association with Wison and Black & Veatch. On completion, Exmar will provide toll liquefaction and storage services for the gas field owner, Pacific Rubiales Ltd.
Wison indicates that first gas could be delivered within 34 months of award of an EPCIC contract. Of this, detailed engineering would take 8 months with keel laying commencing 15 months after contract award. The vessel could be delivered within 16 months of keel laying and operational approximately four months after that.
Con’s next steps will be to discuss the Concept Study with the PRL38 JV and with the PNG Department of Petroleum and Energy. Cott is also holding discussions with potential BOO parties that have the necessary industry experience and track record in the LNG sector. The company expects to make an announcement in the near term regarding potential non-binding agreements in this regard.
While the Wison Concept Study demonstrates that the Pandora Gas Field is a viable project in its own right, Cott is also assessing additional projects adjacent to PRL 38 that may complement its plans for the development of the Pandora Gas Field, the company said in a statement.