PNG's "biggest" drilling program looks set to kick off in two weeks with the rig to be used for drilling the 350 million barrel Moose Prospect arriving onsite, according to permit owner, InterOil.
"We start the largest drilling program in PNG's history, in an area our exploration team feels could be a new world class basin," said InterOil chief executive officer, Phil Mulacek. "Due to the attractive logistics of the Moose Prospect, located close to an airstrip and navigable river, a discovery can lead to early development and production."
InterOil has contracted RB Drilling to operate the drilling equipment under management of its wholly-owned subsidiary, SPI (208) Ltd.
InterOil has a 100% working interest in permit PPL 238 in which the Moose Prospect is located. However, the PNG Government has the option to take a 22.5% interest in the prospect.
Currently, the Texas-headquartered company is constructing PNG's first oil refinery that will produce up to 32,000 barrels of oil per when completed at the end of this year. About $1.4 billion worth of offtake has already been pre-sold to Shell and the PNG Government.
