Petroleum Development License (PDL) 10, comprising the Stanley gas-condensate field located 40km northwest of Kiunga town in the Western Province of PNG, was awarded to Horizon Oil (Papua) Limited on 30th May 2014.
The field has a total recoverable gas volume of 355 Bcf and condensate volume of 11.3 MMbbl (P50), as certified.
Horizon and its JV partners, Talisman and Diamond Gas Niugini B.V, proposed to develop the resource as a Gas Condensate Stripping Project. However, the big drop in oil prices during the 2014 period on-wards greatly impacted the much anticipated Stanley Gas Project.
To date the project has not moved forward in terms of its planned engineering, procurement and construction. Any further talks and discussions to resolve this matter for a win-win for the state and the developer(s) are ongoing.