Role of a LNG non-operator:
Sell/partner, explore/sell/partner, explore/sell/partner..........
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No plans for InterOil to be LNG operator
Russell Searancke
14 August 2013 05:09 GMT
Hession said the company's strategy is on a non-operated LNG development, and that the various agreements signed under previous chief executive Phil Mulacek with Mitsui, Energy World Corporation and Flex LNG had been cancelled.
"We are all about working with an appropriate partner on a non-operated LNG project going forward, and that's evidenced by our negotiations with Exxon. It's very, very important to us that we'll be pursuing the upside associated with our (upstream) assets, and we'll be announcing the mobilisation of rigs and starting up of a new exploration program," said Hession, who added the ExxonMobil exclusive negotiations over the Elk-Antelop gas fields were continuing but did not elaborate further.
He explained the rationale for joining InterOil was based on the company having "great assets and great people within a great environment".
He believes there is "a lot more (hydrocarbons) to be found there" and is "very excited that we can contribute to PNG and contribute to the economy. We already are a major employer in the country. I would like to see that we will deliver value through to PNG as we go forward".
The immediate goals are the negotiations with ExxonMobil; finalising a development plan for Elk-Antelope and completing documentation with the PNG state to move a project forward; and resuming exploration drilling.