Boston, MA -- (SBWIRE) -- 12/04/2014 -- The ExxonMobil PNG LNG facility is now operating at full capacity and will commence some term contracts early. Two further LNG developments led by Osaka Gas and Total are expected to be developed over the next ten years. We also forecast oil production to increase on the back of greater condensate output which is due to be mixed with Papua New Guinea's Kutubu Blend.

The main trends and developments we highlight for Papua New Guinea's oil and gas sector are:

- ExxonMobil and Total remain in a legal battle over the ownership of the Elk/Antelope field, which Exxon believes it had the option to buy before Total purchased the asset. The energy minister has supported Total's bid to lead a new LNG project. We expect a resolution in November 2014.
- We have altered our gas production forecast to match our expectations that the P'nyang field will support a third train at PNG LNG by 2019 and the Elk/Antelope field will also be producing by 2020.
- InterOil is currently undertaking a 15-month drilling programme (from March 2014) targeting up to eight wells in the Gulf Province. The first wells to be targeted will be Wahoo-1 in PPL 236, Raptor-1 in PPL 237, Bobcat-1 in PPL238 and a fourth well in PRL 15 at the Antelope field.
- InterOil hit hydrocarbon bearing rock at Raptor-1 and...

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