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  4. Papua LNG Project update

Papua LNG Project update

 

Published by
 LNG Industry,

InterOil Corp. has announced that the Antelope-4 sidetrack-1 well in Petroleum Retention License 15 (PRL 15) in Papua New Guinea has now reached total depth.

Wireline logging is now underway to help determine the extent of high quality dolomite and overall quality of the Elk-Antelope reservoir.

InterOil Chief Executive, Dr Michael Hession, said: “The joint venture now intends to spud Antelope-6 in December this year as part of the appraisal program to define the resource for the Papua LNG Project […] As Antelope-6 is currently the last joint venture-approved appraisal well, InterOil’s certification payment from Total could be expected within four to six months of completion of this well.

Dr Hession continued: “With the transition of operatorship of PRL 15 to Total and completion of our current exploration license commitments, we have streamlined our operations to focus on Papua LNG and expect to reduce our corporate and other associated costs by more than 50% in 2016.”

Papua LNG Project interest

Dr Hession added that LNG investors and customers had shown increased interest in Papua New Guinea over the past six months. He said: “Analysts acknowledge that the Papua LNG Project is one of the world’s lowest-cost, highest-return LNG opportunities and, following prime ministerial meetings between Japan and Papua New Guinea, Japan is considering placing Papua New Guinea on its priority list as a supplier of LNG […] With strategic Asian buyers seeking LNG contracts in the 2020s, we are fully committed to developing the Papua LNG Project to meet this window, where demand is forecast to exceed contracted supply.”

In early July 2015, the PRL 15 joint venture announced locations for key infrastructure for development of the Papua LNG Project. The central processing facility is planned to be near the Purari River in the Gulf Province, about 360 km north-west of Port Moresby, and to be connected to the LNG facility by onshore and offshore gas and condensate pipelines. The LNG plant itself is intended to be built next to the existing PNG LNG Project at Caution Bay near Port Moresby. During 3Q15, the joint venture initiated basis of design work and began discussions on LNG marketing and project financing.

Edited from press release by

 

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