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  • InterOil Welcomes Oil Search as Partner In Major Gas Field
    édité le 28/02/2014 - Plus de news de "InterOil" - Voir la fiche entreprise de "InterOil"


InterOil Welcomes Oil Search as Partner In Major Gas Field
InterOil Corporation is pleased to welcome Oil Search Limited (“Oil Search”) as a partner in the Elk-Antelope fields – the largest undeveloped gas resource in Papua New Guinea. Oil Search has agreed to acquire a 22.835% interest in PRL15 from Pacific LNG Group Companies for a consideration of US$900 million plus further contingent payments.

The new arrangement creates a stable and sustainable partnership to connect the significant PRL 15 gas deposit to the growing demand in Asia. InterOil owns 75.6114% of PRL15 and is in an agreement to sell an interest to Total S.A. The final ownership structure will be agreed with the joint venture participants with InterOil maintaining a material interest in PRL15. The remaining 1.5536% is held by the IPI Holders (a small group of independent investors).

A Material Interest in a Partnership that Offers Real Benefits

Dr. Michael Hession, InterOil Corporation Chief Executive Officer, commented,
“Oil Search is a logical partner for us in developing these large gas resources. The company has decades of experience in PNG and is nearing production from PNG LNG. It is exceptionally rewarding to know that someone as experienced as Oil Search shares our view of the worth of this resource. This not only validates the value of this world class asset in Elk-Antelope but acknowledges the upside in this asset and the surrounding acreage. This partnership will enable us to tap these energy resources more quickly and cost-effectively – and that translates into real financial benefits for Papua New Guinea and the shareholders of the companies involved. We welcome Oil Search into our development of Elk-Antelope with Total and look forward to an even closer cooperation with the people and Government of Papua New Guinea in the years ahead. This project and the partnership have the clear backing of the Government, ensuring we have a strong and stable foundation to deliver on this outstanding long-term project.”

About InterOil Corporation

InterOil Corporation (NYSE: IOC) is an oil and gas business with a primary focus on Papua New Guinea and the surrounding region. InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope in the Gulf Province which is being developed for liquefied natural gas project with Total of France. InterOil owns and operates Papua New Guinea’s only oil refinery, and petroleum distribution facilities throughout the country. The company employs more than 1100 people and has its main offices in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.


Origine : Communiqué InterOil

Voir la fiche entreprise de "InterOil"



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