Exploration & Production
InterOil Gets Green-Light for Gulf LNG Project
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InterOil Corporation has been notified by the Prime Minister Hon. Peter O'Neill that the National Executive Council (NEC) of Papua New Guinea has approved InterOil's LNG development project in the Gulf Province. The decision clears the way to proceed with the company's plans for an LNG plant in the Gulf Province with initial output of a minimum of 3.8 million tonnes per annum. As the Prime Minister has announced, the decision also approves the acquisition by the State of an additional 27.5% equity interest in the Elk/Antelope gas fields, over and above the 22.5% interest to which it is entitled under the Oil & Gas Act, on terms to be negotiated with InterOil.
InterOil understands that the State intends to take its entitlement to gas from the project in kind, to be used in part in domestic…
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