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Stakes high in Papua New Guinea

LNG Industry,

Singapore-based InterOil Corp. (IOC) said that companies were considering a bid for a stake in four exploration blocks in Papua New Guinea surrounding the Elk and Antelope fields. CEO Michael Hession said that the company would consider whether to hold on to the company’s equity stake or seek new investors.

The Elk and Antelope discoveries owned by IOC and Total cover 4 million acres. They are being developed to supply Papua New Guinea’s second LNG project, the US$ 19 billion PNG LNG liquefaction project led by ExxonMobil, which recorded its first shipment of LNG in May 2014.

Currency concerns

Meanwhile, Reuters reported that the Papua New Guinea kina jumped 18 percent following fresh trading band restrictions and protracted fall in exotic currency. This, the reporter said, would effect a number of companies operating in the country, including ExxonMobil following its initial shipment of LNG last month.


Edited from various sources by Ted Monroe

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