This completesInterOil’s LNG Partnering process to developthe Elk and Antelope reserves inthe Petroleum Retention License area or PRL15.
It’s good news for the petroleum industry,InterOil has chosen Exxon Mobil to develop Elk and Antelope reserves inthe Gulf province.
Prime Minister Peter ONeill announcedthe successful bid by Exxon Mobil to partner withInterOil in parliament last Friday.
BethInterOil and Pacific LNG will be funded to drill additional wells inthe Elk and Antelope fields followed by recertification ofthe resource.
The joint venture partners will havethe option to ether independently develop a second LNG project in Gulf province that may also use gas from PRL 15 and ther discoveries like Triceratops, or pursue futher development with Exxon Mobil. It’s also in line withthe government’s decision for an internationally recognised partner to developthe resource and is also in line withthe 2009 Project Agreement.
These projects have contributed millions of kina tothe economic growth oPNG. It’s anticipatedthe Elk and Antelope project will triplethe country’s economy.