shareholdersunite.com

Opportunities in smallcaps

shareholdersunite.com header image 2

Duma lauds LNG pacts

February 7th, 2011 · No Comments

PNG government will enable IOC to move forward..
Duma lauds LNG pacts

B
y MOHAMMAD BASHIR

Petroleum and Energy Minister William Duma yesterday applauded the substantial progress being made to fast-track developments of the nation’ second liquefied natural gas (LNG) project.

He said the Somare Government was pleased to note that petroleum explorer, developer and refinery operator InterOil Corporation had locked in reputable partners to advance development of PNG’s second LNG project and a condensate stripping plant.

Mr Duma’s statement follows the signing last Wednesday of both project funding and construction agreement and shareholding agreement by InterOil and its partners, Pacific LNG Operations Ltd and Energy World Corporation (EWC).

The two agreements follow EWC’s announcement in September last year on the formation of a partnership with InterOil and Liquid Niugini Gas Ltd, the joint venture company created by InterOil and Pacific LNG Operations Ltd to develop the LNG project.

Mr Duma said the Somare Government stood ready as a project development partner and beneficiary to approve all enabling legal requirements under the Oil and Gas Act to ensure progress on development of the project was not delayed.

“Wednesday’s signing of the agreement was a powerful message to the foreign investment community and to the government and citizens of PNG that InterOil and its partners were indeed serious long-term investors and developers in PNG,” Mr Duma said.

“On behalf of the Prime Minister Grand Chief Sir Michael Somare and the PNG Government, I express my gratitude to InterOil as a company that has demonstrated in 15 short years that it could build and operate an oil refinery, explore oil and gas and develop its natural gas discoveries at the world class Elk and Antelope reservoirs in the Gulf province into LNG.

“The company’s success in securing reputable international companies to fund and jointly develop its condensates at middle Purari and develop the second LNG processing facility with partners EWC and Pacific LNG Operations Ltd in the Gulf and Inter Oil’s confidence and PNG’s commitment will add value to the Gulf Province and PNG.”

The PNG Government will provide all assistance necessary to make sure InterOil and its project partners, the Gulf Provincial Government and the people to work together in their mutually desired developments and benefit sharing in peace and harmony.
“I commend InterOil for demonstrating that small oil and gas companies can also explore and develop world-class hydrocarbon projects just as capably as any international oil and gas companies where political stability and right conditions exist,” Mr Duma said.

Tags: IOC