US-headquartered InterOil said that it had discussed the licence PRL15 deal with the government of Papua New Guinea, but that it remained subject to final approval.
Under the arrangement, InterOil and Pacific LNG would sell an unspecified interest in PRL15 that is “sufficient to supply gas to develop an additional LNG train” at ExxonMobil’s Konebada site.
Staged payments would be made before and after production commences.
ExxonMobil would carry InterOil and Pacific LNG on additional delineation wells in the Elk and Antelope fields.
The deal would also give InterOil and Pacific LNG the option to either independently develop a second LNG project in the Gulf Province that may also use gas from PRL15 and potentially other discoveries, such as Triceratops, or pursue further development with ExxonMobil.
A sell-down at the project has been on the cards for months, with InterOil taking final bids from interested parties in March.
International oil companies, national oil companies and global utility companies were all interested in signing up to the project, according to InterOil.
