The latest gas discovery in Papua New Guinea is said to be the largest in the Asia-Pacific region and possibly, the world.
According to Post Courier Online, PNG's Prime Minister Sir Michael Somare and his wife along with ministers and government dignitaries were present at the site of the Antelope-1 well, which Prime Minister Somare described as "the largest onshore vertical hydrocarbon column in the entire Asia Pacific region with over 2600 feet (792 metres) of gas and condensate and a new resource discovery estimated by our engineers at over 10 TCF".In his speech, Sir Michael said that this established the Elk/Antelope field as the largest in the country and the "largest vertical natural gas reservoir in PNG, Asia Pacific region and possibly the world".
"This discovery now ranks PNG as one of the top sources of quality gas hydrocarbons in the world and positions the country to be the next major supplier for decades to come. The Antelope-1 well, which today flowed at a new world and PNG record rate of 383 million cubic feet per day with 5000 bbl of condensate and a third party confirmed-capacity of 17.7 BCF (billion cubic feet per day) of gas, places PNG as one of the best quality gas producers in the world with a 760 metre column of gas.
"This discovery will place PNG as a co-leader with Australia in supplying LNG to the Asian Markets, in global energy markets and has positioned our country to become the dominant source of new LNG for the growing energy markets in Asia for decades to come. InterOil stepped up to the plate with a $US125 million drilling commitment, the largest exploration program in our history.
"The next steps to realise that vision have become clearer and it is now our turn to commit to clearing the path toward first production with our loyal and dependable partner, InterOil.
"Dry gas rate of 545 million per day, adjusted to well flowed at 383 million cubic feet per day with 5000 barrels of condensate per day, or a total 68,600 barrels of oil equivalent per day, a new record for the country and possibly the world.
"The forthcoming LNG projects usher in a new era of exploration and development of our county's vast wealth of natural resources. The benefits for the future of Papua New Guinea and its people will be secured through many years of stable GDP growth
"For our country, this marks an accomplishment that was achieved through many years of mutual co-operation between the Government of PNG
and InterOil Corporation. InterOil has elevated the status of Papua New Guinea."
According to the report, jubilant InterOil chief, Phil Mulacek, said that the newest gas discovery could back Papua New Guinea's national budget for "the next 30 years".