PAPUA New Guinea still holds a huge potential in the oil and gas sector, InterOil executive vice-president PNG business operations Thomas Nador says.
He said although PNG had experienced exploration activities in the last century, there were still significant oil and gas resources in the country that were unexplored.
Nador told investors and industry officials during the PNG Mining and Petroleum conference in Port Moresby that petroleum exploration in the country was not a new activity.
“Ever since the discovery of gas bench and oil in Gulf in 1911, this country has been on the exploration map,” he said.
Nador said the country was blessed with oil and gas.
“Almost 100 years of exploration, hundreds of exploration wells, thousands of kilometres of seismic lines, and decades of production have demonstrated that PNG is indeed blessed with oil and gas – but perhaps not as easily as other parts of the world.
“The commercial exportation of oil and gas – oil by Chevron by 1992 and LNG by ExxonMobil in 2014 – provides a backdrop of PNG’s potential.
“And this is evident by the presence of international companies such as the Papua LNG partnered project, in the country today.”
He said while PNG was a small player in the industry, it was also recognised as a low cost oil and gas producer.