The massive rise in recoverable US natural gas resources in recent years is the talk of the energy industry. But it is important to remember that the US does not have a monopoly on gas resources.
Indeed, massive natural gas projects are on drawing boards all over the world, from Qatar to Australia, where liquified natural gas projects are the major energy projects in the works. Shell’s chief executive Peter Voser last week reiterated that he sees the gas taking the lead from oil within the company’s own production volumes. And now, the latest data from InterOil confirms Papua New Guinea is a country to watch, as well.
InterOil, which is developing an energy business focused primarily on Papua New Guinea and the surrounding region, announced that its Antelope-2 well flowed at a world record rate of 705m cubic feet of natural gas per day and 11,200 barrels of condensate per day, for a total 129,000 barrels of oil equivalent per day. The previous world record was set on its Antelope-1 well. Here is what InterOil had to say about the feat:
The Antelope field confirms Papua New Guinea as a world class gas resource base in close proximity to the largest and most well developed LNG market in the world. The Antelope-2 and previous wells have confirmed over 1.2Bcf/d of productive capacity.
The takeaway here is not that InterOil has a promising production profile. Or that Papua New Guinea has a solid resource base. While both of those appear to be true, the important thing is that, even as the world worries over whether oil production has peaked, natural gas resources continue to be found and extracted with new technology and expertise the world over.