PNG Courier "Cabinet approves Gulf LNG Project. PRIME Minister Peter O’Neill has announced the NEC approval"
http://www.postcourier.com.pg/20121116/news.htm
Cabinet approves Gulf LNG Project
PRIME Minister Peter O’Neill has announced the NEC approval of the 50-50 Gulf LNG project with the State acquiring an additional equity interest in the Elk-Antelope gas fields on terms to be negotiated with InterOil Corporation over and above its 22.5 percent entitlement.
Mr O’Neill said in doing so, Cabinet had also approved the conditional withdrawal of the Notice of Intent to Terminate the Project Agreement issued to InterOil by the State subject to the parties agreeing to certain conditions, including developing saleable gas on 50-50 basis. He said other terms that needed to be discussed and agreed with InterOil Corporation (IOC) were that; an internationally recognised and experienced operator shall operate the upstream facilities, the fiscal incentives in the current Project Agreement amended accordingly, and the terms in which the State would acquire the additional 27.5 per cent equity in the gas fields would have to be mutually agreed.
Mr O’Neill said Cabinet had approved the establishment of the bureaucratic negotiation team to be headed by the Secretary for Petroleum and Energy and comprising departments of Treasury, Justice and State nominee Petromin, to negotiate the terms of the 50-50 proposal and report to Cabinet, through the Ministerial Gas Committee by November 30, 2012.He said given the importance of the project, Cabinet approved the establishment of the Ministerial Gas Committee headed by Minister for Petroleum and Energy and comprising key economic Ministers, including Minister for Treasury, Minister for Trade and Industry, Minister for Planning, Minister for labour and Employment and Minister for Environment and Conservation to fast-track the commercialisation of the country’s second LNG.