Oil Search has identified four major exploration projects for natural gas on the heel of its recent Muruk Field discovery in Papua New Guinea. Two liquefied natural gas pools in the play are believed to contain reserves of 1 to 3 Tcf. Gas in the geologically complex region was found in both a hanging wall and a footwall reservoir. The Muruk-1 well is to be joined by several other wells throughout the next 2 years, depending on the findings of seismic interpretation analyses. Muruk-1 is operated by Oil Search, which holds a 37.5% stake in the project; ExxonMobil represents 42.5% and Santos the remaining 20% of the investment total.
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