14.9 million acres – a new energy frontier
PEAK’s portfolio includes PPL 352 and PPL 625 (covering the Exotica Formation); and APPLs 519, 651, 652 and 653. All licences and applications straddle the east coast of the island of New Ireland and extend offshore to Lihir Island. They cover an area of 60,000 square kilometres (14.9 million acres), which is roughly comparable to the size of the country of Ireland or the US State of West Virginia.
Transport and infrastructure facilities on New Ireland are well placed to support petroleum exploration and production projects. They include a sea port, a coastal bitumen highway and two major airports with international and domestic connections. The PNG capital Port Moresby is serviced by international carriers Air Niugini, Qantas, Philippine Airlines and Virgin Airlines, with direct flights to Australia, Manila, Hong Kong, Singapore, and Tokyo.
The equatorial location of the New Ireland project produces benign metocean conditions and a cyclone-free production environment.