Fossil Energy – Papuan Basin
TotalEnergies and PETRONAS have joined forces to drill Mailu-1, Papua New Guinea’s first deepwater exploration well, marking a significant milestone for the Pacific region.
The well located in Block PL 576 within the Papuan Basin, targets water depths of around 2,100 meters.
Petronas entered the block in mid-2024 through a farm-in deal, securing a 50% stake while TotalEnergies remains operator.
The partners have contracted the Noble Viking drillship, equipped with Managed Pressure Drilling (MPD) technology, under a deal worth approximately $34 million for one firm well and an optional second.
Mailu-1 is described as a giant liquids prospect with significant upside, potentially unlocking new reserves in an underexplored frontier.
However, the project faces notable challenges. Previous attempts to advance deepwater drilling in PNG stalled due to high costs, logistical hurdles and aborted tenders.
Ultra-deepwater conditions, limited regional infrastructure and supply chain constraints add complexity, while integration with the pending Papua LNG project remains critical for commercial viability.
