In a presentation at the Goldman Sachs Energy conference in Miami, United States, the oil and gas firm stated that with its five consecutive discoveries and four million acres of exploration acreage, it had already developed a clear strategy to monetise gas from the country.
InterOil said it had undergone major transformation in the past two years with changes in its management.
It was also participating in the second major LNG (liquefied natural gas) project (Elk-Antelope) with Total SA from France and Oil Search Ltd. The firm said the Elk-Antelope appraisal had shown positive results.
It said Antelope, which was currently under appraisal with Antelope-6 undergoing drilling, was one of the largest gas discoveries made in the Asia-Pacific region in the past 20 years.
InterOil pointed out that analysis of current Antelope five data supported gas for two train development.
The firm noted that the Papua LNG would have a nominal gross expenditure of US$16 billion (K47 billion) and would have key markets in Japan, Korea, China, Taiwan and Thailand.
InterOil said the expected gross capacity of the project was 6.9 mtpa (metric tonnes per annum) with potential for first gas in the middle of 2022.
The company said high equity in other discoveries such as Triceratops, Bobcat and Raptor gave the company the opportunity to repeat its strategy.
The Antelope-6 appraisal well is designed to provide structural control and reservoir definition on the field’s eastern flank. It has a proposed total depth of around 2,464 meters (8,084 feet) true vertical depth sub-sea and is located about two kilometres east-south-east of Antelope-3, Gulf. The National / Pacific Mining Watch