Subscribe to our news feedProject agreement for Papua New Guinea project submitted
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Published on Friday 11th September 2009
A project agreement has been submitted for the Papua New Guinea project, with the proposals targeting a $6 billion (£3.63 billion) twotrain liquefied natural gas facility. InterOil Corporation, Petromin PNG Holdings and Pacific LNG Operations have submitted the plans, which both prime minister Sir Michael Somare and minister for petroleum and energy William Duma have endorsed. Phil Mulacek, chief executive of InterOil, states: "We are pleased with the support that our proposed project and associated agreement have received from key government officials." He highlights both the additional oil and gas recruitment opportunities the Papua New Guinea project will create and the economic benefits it will provide. At present, InterOil currently has three exploration licenses for the Elk and Antelope fields. In other news, Santos has predicted that the Papua New Guinea project will lead to a major stepchange in production levels for the company, although it has predicted it will maintain a steady rate of production until 2014. 
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