Research and Markets: Papua New Guinea Oil and Gas Report Q3 2012

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/n3pzzt/papua_new_guinea_o) has announced the addition of the "Papua New Guinea Oil and Gas Report Q3 2012" report to their offering.

“Papua New Guinea Oil and Gas Report Q3 2012”

The future is bright for Papua New Guinea (PNG), as long as it can successfully transform its unused gas reserves into exportable LNG. The first scheme is proceeding apace and there are encouraging signs that the second project is attracting buyers for its output, although delays to its planned start-up seem inevitable. Oil production is falling and imports are rising, but the timely arrival of LNG revenues should transform the economy from 2015.

Main Trends And Developments:

- Two major LNG projects are currently being developed in PNG.

- InterOil has signed three preliminary gas sales deals that could clear the way for its proposed US$6bn Gulf LNG project.

- Oil consumption is forecast to rise by around 5.0% per annum to 2021, implying demand of around 64,400 barrels per day (b/d) by the end of the forecast period.

- Oil Search's total oil and gas production for the first quarter of 2012 was 1.46mn barrels of oil equivalent (boe), or around 16,044boe/d, compared with 2011 fourth quarter production of 1.64mn boe.

- While Oil Search continues with an active exploration programme in an attempt to halt a decline in output, we are assuming PNG's oil volumes will be no more than 25,000b/d by 2021, unless fresh accumulations are brought into play.

- By 2021, the net crude oil import requirement is expected to rise to 39,400b/d, costing some US$1.4bn at an assumed OPEC basket oil price of US$97.00/bbl.

PUBLICATION OVERVIEW

Business Monitor International's Papua New Guinea Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Papua New Guinea's oil and gas industry.

Companies Mentioned

- Oil Search

- InterOil

- Esso Highlands

- Santos

- Talisman Energy

- Horizon Oil

- Papua Petroleum

- Blue Energy

- Eaglewood Energy

- LNG Energy

For more information visit http://www.researchandmarkets.com/research/n3pzzt/papua_new_guinea_o