Gulf to host LNG project

INTEROIL Corporation has welcomed the PNG Government’s approval that will now pave the way for the development of the LNG project in the Gulf province.
InterOil Corporation in a statement said the company is pleased to have been notified by Prime Minister Peter O’Neill that the National Executive Council (NEC) has approved InterOil’s LNG development project in the Gulf Province. 
“The decision clears the way to proceed with our 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 power generation and natural gas related industries, thereby providing a boost to PNG’s growth and prosperity.
“InterOil is pleased to be able to provide this opportunity to the State, and is the first developer of a major oil & gas project to do so,” the statement read.
The Prime Minister announced that the NEC approved the establishment of a state negotiating team to discuss and agree to the necessary amendments to the 2009 project agreement between the State and Liquid Niugini Gas Limited, to give effect to the NEC decision, and to agree on the terms on which the State will acquire the additional equity interest. 
The NEC decision confirms that the basis of the acquisition will be commercial market terms. The NEC also includes as a condition of its approval an agreement with regard to an internationally recognized operator of the facilities. 
InterOil said it is ready to participate in these discussions, which it expects will commence shortly. 
Given the importance of the LNG project, the PNG Cabinet also approved the establishment of the Ministerial Gas Committee comprised of key economic ministers to fast track commercialization of the county’s second LNG project. 
“Now that the Government’s position has been clarified, InterOil anticipates being able to conclude an agreement for a sale of an interest in the Elk and Antelope resource in Petroleum Retention Licence 15, and the first 3.8 million tonnes per annum Gulf LNG Train, to a partner or partners in the coming weeks. Major oil companies, national oil companies, and Asian utilities have been actively engaged in the process. 
“InterOil wishes to record its appreciation for the support of the Prime Minister, the Minister of Petroleum and Energy, and Government departments in reaching this landmark stage in the LNG project approval process. 
“We look forward to bringing this LNG project on-line, for the long-term benefit of Papua New Guinea, InterOil, and all project stakeholders.”
InterOil Corporation is developing a vertically integrated energy business whose primary focus is PNG and the surrounding region. InterOil’s assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in PNG. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in Papua New Guinea. InterOil’s common shares trade on the NYSE in US dollars. 

'Tusker' pid='12846' datel Wrote:Here is a fun one; 1) Sell down goes to XOM for train 2-3 traditional stick built plant. 2) EWC and IOC built modular LNG Plant. 3) Petromin and NOC or SM build FLNG Clearly not going to happen though. Sure would of made a lot of folks happy. Oh well... I'll just leave it out there with a smile.

You leaving JAPEX, CVX, SHELL and PTT out in the PNG cold??  You're heartless!!  I'm not even that cruel.  Unless there's another 10 Ts or so in T-2 to keep 'em all happy.

'Tree' pid='12847' datel Wrote:

'Tusker' pid='12846' datel Wrote:Here is a fun one; 1) Sell down goes to XOM for train 2-3 traditional stick built plant. 2) EWC and IOC built modular LNG Plant. 3) Petromin and NOC or SM build FLNG Clearly not going to happen though. Sure would of made a lot of folks happy. Oh well... I'll just leave it out there with a smile.

You leaving JAPEX, CVX, SHELL and PTT out in the PNG cold??  You're heartless!!  I'm not even that cruel.  Unless there's another 10 Ts or so in T-2 to keep 'em all happy.

... loaded up the truck and moved to Bwata- tree.  30% limestone... 70% dolamite... 10 - 12 Ts. Well, the next thing you know....

" Father Duffy is full of ...."

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'Tree' pid='12842' datel Wrote:

“Now that the Government’s position has been clarified, InterOil anticipates being able to conclude an agreement for a sale of an interest in the Elk and Antelope resource in Petroleum Retention Licence 15, and the first 3.8 million tonnes per annum Gulf LNG Train, to a partner or partners in the coming weeks.

TreeBiru, the contents of my Chart cold boxes will ha ve to be "drawn down" over the next few weeks as I've received a recall on them from Elliot.  He was all in a panic mumbling something about scheduling the move from Kihei to Kahului harbor ASAP.  Can you line up palm, hemi, tusker and the others and get over here right away.  I've got the braddahs bringing over a pig for the imu.  Cuz Mondo gonna pick you all up from OGG in the limo.

Maui