By: Daphne Rasehei – Emtv Online
In a presentation by Saxon Palmer, during the Mining and Petroleum Conference he showed how InterOil has brought together world-class people and processes to drive PNG exploration and appraisal programs by collecting, processing and analysing data to understand risk and define PNG’s resource estimate.
Palmer indicated that out of the few basins on which he has worked, none have had the combination potential of the Eastern Papuan Basin and a license position like that of InterOil.
Below are five points to Interoil’s vast domination in the oil and gas industry.
1. About InterOil Corporation
Interoil Corporation is an independent oil and gas business with a sole focus on Papua New Guinea.
Interoil’s assets include one of Asia’s largest gas fields, Elk-Antelope, in the Gulf Province.
The company has six exploration licenses covering about 16,000skm. Its main offices are in Singapore and Port Moresby.
Interoil is listed on the New York and Port Moresby Stock Exchanges.
2. Eastern Papuan Basin
InterOil has a material interest over the most prospective part of the Eastern Papuan Basin.
The Eastern Papuan Basin is an emerging basin with a world-class gas-condensate discovery at
EPB is large, relatively unexplored and contains a prolific petroleum system.
It already boasts as one of the largest undeveloped gas resources in Asia.
3. Keys to a Successful Petroleum System
Interoil collects large amounts of seismic, gravity, well and surface geological data and they analyse it using their
in-house and outsourced, of the industry leading knowledge of the EPB. There are four elements that are critical to understanding a petroleum system;
– Source Rock: source rocks must be mature to expel hydrocarbons
– Reservoir: reservoir to store the hydrocarbons
– Seal or Cap Rock: quality seal or cap rock to contain the hydrocarbons
– Structure: there needs to be structure from a trap, and preferably a giant trap.
When all four elements come together, this is what they call a sweet-spot.
4. Exploration Success
The first discovery was at Elk-1 in 2006, which was the first indication of the basin’s enormous potential.
This was followed in 2007 by Elk-4, which was actually the discovery well for the Antelope field.
After further appraisal of Antelope, we discovered Triceratops in 2012, our third discovery in the basin.
In 2014, we followed these successes with the Raptor and Bobcat discoveries.
5. Key Growth Points for Interoil
At Interoil we are driven by data
Key growth driver for InterOil’s business is the field that now under appraisal and development for Papua New Guinea’s second major LNG project.
The emergence of Papua New Guinea as one of the world’s lowest-cost LNG producers is another key growth driver.
You can watch more on Saxon Palmer on Resource PNG, with the episode date TBA, or follow Resource PNG on their Facebook Page.