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PNG an energy player

Staff Reporter | 9:21 PM | |
PAPUA New Guinea is emerging as one of the world’s most exciting new energy players with Elk-Antelope, having the potential to be one of the lowest-cost, most profitable LNG projects, an official says.
InterOil chief executive Dr Michael Hession last Friday said the company continued its focus on developing the Elk-Antelope gas field and executing its drilling programme.
He said: “Our focus continues to be on creating value from Elk-Antelope.
“With our drilling programme, the biggest in Papua New Guinea’s history.
“We are adding value through exploration success and we continue our disciplined and methodical approach to high-grading our exploration portfolio.
“As we move into the most active year in our history, we are funded and focused to extract maximum value from our first-class assets.”
InterOil plans to resume operations next year after a detailed review of well engineering, equipment and options, and after regulatory approval of its revised plans.
In June, the company sold its downstream business and the refinery outside Port Moresby to Puma Energy for US$525.6 million (K1.3b).
Chief operating officer Jon Ozturgut said the transaction provided additional capital to fund InterOil’s upstream and LNG business.
InterOil’s partner for the country’s second LNG project, Total, is in the process of selecting a development concept for the Elk and Antelope gas fields.
Total’s executives visited Port Moresby last month and emphasised their commitment towards the project.
The French company had said it would leverage its technology and experience in major LNG projects to reinforce its long-term production post-2020.