Horizon-Talisman to develop PNG Stanley gas-condensate

02/27/2012
Horizon Oil Ltd., Sydney, said its board approved the final investment decision to develop a condensate recovery project at Stanley field in western Papua New Guinea subject to receiving debt financing on satisfactory terms. As a result of the decision, 11.4 million bbl of condensate will move to the reserves category. Stanley's certified mean contingent gas resource is 361 bcf of gas. The hydrocarbons are in the Cretaceous Elevala sandstone at 3,060 m subsea. The gas is of a scale to supply domestic and large industrial consumers for power generation. Negotiations with potential customers are in train and, as sales contracts are confirmed, the associated gas resources will also be classi...
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