Here are some figures.
Success rates for PNG as at 2007.
Wildcat wells - 91, of those 91 wells:
Geological Success - 28
(refers to wells encountering moveable hydrocarbons)
Technical Successes - 25
(refers to wells that discovered reserves or contingent resources)
Commercial Successes - 14
(refers to wells with discovered reserves that are being developed for production)
What does this all mean? There is ~74% chance of encountering hydrocarbons with a PNG well. OSH recent Wasuma ST-1 encountered 3m of non-commercial oil in the Iagifu reservoir. This is clear indication that oil and gas is all around PNG, the question is whether or not it is commercial.
Ann: Signing of Drilling Contract , page-21
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