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InterOil in LNG talks with PNG govt

INTEROIL’S $US6 billion (16.13 billion kina) Liquid Niugini Gas project is awaiting Department of Petroleum and Energy approval as negotiations continue around the PNG government’s stake of the project.

Blair Price
InterOil in LNG talks with PNG govt

Reported by the National newspaper, Petroleum and Energy Minister William Duma revealed the 10% equity offered to the government for the future liquefied natural gas plant had been increased, but did not say by how much.

By comparison, the ExxonMobil-led PNG LNG project will have the government gaining a 19.4% stake once it hops on board.

Duma has already publicly said the government’s priority is the PNG LNG project, which is due for a final investment decision late this year.

PNGIndustryNews.net understands there are some government and industry concerns about the amount of reserves InterOil has for its proposed two-train LNG project.

InterOil is currently working to prove up more reserves with its Antelope-2 appraisal well in the Gulf Province, which hit the top of the Antelope reservoir about 345 feet higher than pre-drill estimates, according to its drilling report last week.

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