The proposed Pandora liquefied natural gas project off Papua New Guinea is technically and commercially feasible for either near-shore or offshore development, a concept study has found.
Field partner Cott Oil & Gas said the concept study conducted by China’s Wison had backed a one-million-tonne-per-annum offshore floating LNG vessel as a way to develop the find 200 kilometres west of Port Moresby.
It also found the PRL 38 field could be developed with a near-shore LNG vessel with 170,000 cubic metres of storage and with sufficient topside space to accommodate up to 2.5 mtpa of liquefaction capacity.
An offshore field development would cost between $1.15 billion and $1.35 billion, Wison said, while a near-shore solution would cost between $1.3 billion and $1.57 billion.
Cott said that it was in talks with several parties on bringing in a partner to build, own and operate the project vessel while it would retain a significant stake.
The venture partners are continuing talks about entering a pre-front end engineering and design phase.
Cott estimated that the development could ready within 34 months of awarding an engineering, procurement, construction, installation and commissioning contract.
Wison is currently building a 500,000-tpa FLNG barge on behalf of Exmar for the Caribbean LNG project off Colombia.
Talisman Energy operates the Pandora gas discovery on a 25% interest while Cott Oil & Gas holds a 40% interest, Kina Petroleum holds 25% and Santos holds 10%.
Discovered in 1988, the field holds 132 million barrels of oil equivalent in contingent resources in two structures that lie in around 120 metres of water.