Palmer-led group uncovers major gas fields

MINING magnate Clive Palmer believes he may have uncovered one of the world's largest offshore gas fields worth an estimated $38.7 billion.

The prime ministerial hopeful and Palmer Petroleum chairman says 3D seismic surveys have identified a region off the coast of Papua New Guinea to rival Western Australia's North West Shelf.

He said Palmer Petroleum - Mineralogy Group's oil and gas arm, formerly named Chinampa Exploration - spent more than $50 million exploring its tenements in the Gulf of Papua, west of Port Moresby.

The company, working with British geological company Robertson, conducted surveys and drill hole analysis on an area covering more than 3000sqkm.