(08-03-2015, 11:24 PM)Palm Wrote:Outside expert thinks highly of IOC assets:
Gulf gas volume is bigger: Expert
Source: The National, Monday August 3rd, 2015 By MALUM NALU
THE Papua (Gulf) LNG project can easily surpass the K19 billion PNG LNG project, it has been revealed. PNG oil and gas expert Peter Ken Gemar, who runs a mineral, mining, and oil and gas exploration consultancy, said the volume of gas in Gulf was bigger. Ken Gemar believes that the new field at Triceratops is bigger than Elk-Antelope. “So we’re definitely looking at big numbers in this place (Gulf),” he said. Ken Gemar said from his experience in Saudi Arabia, no exact figure could be given as new reservoirs would be found. “I see the same story in Gulf. I’m talking 25 years from now. In our lifetime they will happen.” Ken Gemar said Gulf needed the support of all provinces to make the LNG project happen. “Before it gets in, we need to get our agreement locked in and done properly,” he said. He said a Gulf gas hub should be established at where all kinds of business could be done at special purpose vehicles (SPVs). These included agriculture, power, manufacturing, medicine, processing of iron ore, and others. Ken Gemar said condensate was an industry on its own which could be developed at this gas hub. “We have the resources to develop all these industries for the next 25 years based on 15 TCF, we can do it,” he said. Petroleum and Energy Secretary Rendle Rimua agreed with Ken Gemar. “Only in Gulf, we have about 14.85 TCF, and as I said, these numbers never come down,” he said. “They will continue to go up, they will appreciate over time. Elk is sitting on 8TCF. We’re thinking that it will not go down. “We have 14.85 TCF but it could be 15. In the next six months it could be 20. May be 10 years from now, it’s going to be 30. That’s going to keep appreciating.”
"Secretary Rendle Rimua agreed with Ken Gemar. “Only in Gulf, we have about 14.85 TCF,"
So...where does the secretary got this - down to .85 TCF - number?..... anyone?