'Tree' pid='28256' datel Wrote:

Papua New Guinea runs rule over Pandora bids

By Russell Searancke

 30 August 2013 00:00 GMT

THE Papua New Guinea government has completed an initial review of the applications it received for the Pandora offshore gas discovery, writes Russell Searancke.

The Pandora field had to be relinquished earlier this year by a Talisman Energy-led joint venture because it had been held under retention lease for 15 years and, under PNG law, that is the maximum validity for such a licence.

It is understood that up to 10 applications were filed from oil and gas companies keen to take over the Pandora field, and the Petroleum Advisory Board has met to review the offers, said sources.

It is possible the advisory board will produce a shortlist of three bidders, but at this stage there is no indication of timing of an award. The previous owners of the field were a star-studded group comprising Talisman, Oil Search, ExxonMobil, Eni and Claremont Petroleum.

Sources said they are all contenders to take on the field again within a new joint venture, while Total and Shell are also potential candidates.

Pandora is an old field discovered in 1988. It has contingent reserves exceeding 1 trillion cubic feet of gas.

The field has remained undeveloped for two reasons — there is no domestic gas market to underpin its development, and it has a high sulphur content so any field development would have to deal with this “slightly sour gas”, previous part-owner Oil Search once said.

Pandora is an interesting reefal prospect or prospects. I have previously mentioned that it might be larger than most people think. http://shareholdersunite.com/mybb/showthread.php?tid=87&highlight=Pandora+reef Item 6. ...
“6. The Pandora Reef is very interesting but presents some puzzles. It is a dry gas reservoir instead of a retrograde condensate reservoir. The gas from this reef is 96% methane and, apparently, no condensate. The reef complex appears to be much larger than most people recognize as it consists of at least 5 reefal highs and I believe only one of these highs has been drilled. This reefal complex may be as much as 30 km long and has porosity as high as 27%. The well that was drilled has a gas column of 910 feet, a reservoir pressure of 2,500 psi and a depth to the top of the reef of 4564 feet. This gas is thought to be of biogenic origin from a different and more immature source rock than the source rock for the retrograde condensate reservoirs. There is speculation that there may be some permeability barriers lower in the reef/limestone that might allow other reservoirs to be present that could contain heavier hydrocarbons from the more mature source.”

Correction Sept. 3, 2013: It looks like two of the highs have been drilled.

Here is a bit more information about what it looks like:

http://www.asx.com.au/asxpdf/20071031/pdf/315k5r4kdrkgsl.pdf chart 57. There may be 7 or more highs. A - J. Don’t know what happened to E, H and I.

Also down load the file: metododirecto.pt/CM2010/index.php/vol/article/download/226/42?
 And look at pages 109 and 110. Copy and paste the above file name in your browser to see it.

'petrengr1' pid='28269' datel Wrote:

'Tree' pid='28256' datel Wrote:

Papua New Guinea runs rule over Pandora bids

By Russell Searancke

 30 August 2013 00:00 GMT

THE Papua New Guinea government has completed an initial review of the applications it received for the Pandora offshore gas discovery, writes Russell Searancke.

The Pandora field had to be relinquished earlier this year by a Talisman Energy-led joint venture because it had been held under retention lease for 15 years and, under PNG law, that is the maximum validity for such a licence.

It is understood that up to 10 applications were filed from oil and gas companies keen to take over the Pandora field, and the Petroleum Advisory Board has met to review the offers, said sources.

It is possible the advisory board will produce a shortlist of three bidders, but at this stage there is no indication of timing of an award. The previous owners of the field were a star-studded group comprising Talisman, Oil Search, ExxonMobil, Eni and Claremont Petroleum.

Sources said they are all contenders to take on the field again within a new joint venture, while Total and Shell are also potential candidates.

Pandora is an old field discovered in 1988. It has contingent reserves exceeding 1 trillion cubic feet of gas.

The field has remained undeveloped for two reasons — there is no domestic gas market to underpin its development, and it has a high sulphur content so any field development would have to deal with this “slightly sour gas”, previous part-owner Oil Search once said.

Pandora is an interesting reefal prospect or prospects. I have previously mentioned that it might be larger than most people think. http://shareholdersunite.com/mybb/showthread.php?tid=87&highlight=Pandora+reef Item 6. ...
“6. The Pandora Reef is very interesting but presents some puzzles. It is a dry gas reservoir instead of a retrograde condensate reservoir. The gas from this reef is 96% methane and, apparently, no condensate. The reef complex appears to be much larger than most people recognize as it consists of at least 5 reefal highs and I believe only one of these highs has been drilled. This reefal complex may be as much as 30 km long and has porosity as high as 27%. The well that was drilled has a gas column of 910 feet, a reservoir pressure of 2,500 psi and a depth to the top of the reef of 4564 feet. This gas is thought to be of biogenic origin from a different and more immature source rock than the source rock for the retrograde condensate reservoirs. There is speculation that there may be some permeability barriers lower in the reef/limestone that might allow other reservoirs to be present that could contain heavier hydrocarbons from the more mature source.”

Correction Sept. 3, 2013: It looks like two of the highs have been drilled.

Here is a bit more information about what it looks like:

http://www.asx.com.au/asxpdf/20071031/pdf/315k5r4kdrkgsl.pdf chart 57. There may be 7 or more highs. A - J. Don’t know what happened to E, H and I.

Also down load the file: metododirecto.pt/CM2010/index.php/vol/article/download/226/42?
 And look at pages 109 and 110. Copy and paste the above file name in your browser to see it.

Also look at http://www.asx.com.au/asxpdf/20071031/pdf/315k5r4kdrkgsl.pdf page 13 to see how much gas they think they have located, 1P, 2P and 3P and see how much of that is at Pandora.