Australian Mogul's Firm Finds Gas Offshore PNG

Australian mining mogul Clive Palmer has said that his oil and gas company has identified a huge gas deposit offshore Papua New Guinea. The deposit could be worth $35 billion.

"This is a very large deposit, I think there's more potential gas there than there is in Kuwait," Brisbane Times quoted Palmer as saying.

Palmer said the gas deposit was identified through 3D seismic surveys, and the PNG government had indicated strong support for his company tapping into it, Brisbane Times reported.

"The exciting thing about this area is only 12 kilometres off the coast, is close to existing infrastructure and close to Port Moresby,” he said.

Plamer is the chairman of Minerology.