ExxonMobil increased its natural gas resource estimation by 84 percent at the P'nyang field in Papua New Guinea to about 123 billion cubic meters (4.36 trillion cubic feet) of gas, the company announced on Wednesday.
'The increase in the estimated resource size of the P'nyang field helps illustrate the tremendous growth opportunities for our operations in Papua New Guinea,' Liam Mallon, president of ExxonMobil Development Company was quoted as saying.
'We are working closely with our joint venture partners and the government to progress the P'nyang field development proposal and secure the licenses needed to develop this world-class resource,' Mallon added.
The development of the field would ensure the extension of the company's gas pipeline infrastructure into the country's western province, which would have an economic impact for Papua New Guinea, Mallon said.
The P'nyang field is located within petroleum retention license 3, which covers 105,000 acres (425 square kilometers). ExxonMobil affiliates operate the license with a 49 percent interest in the block. Affiliates of Oil Search have a 38.5 percent interest and JX Nippon has a 12.5 percent interest.
By Huseyin Erdogan