Our vision is to be a world-class company developing world-class resources with world-class people who have a passion for working together, doing good work and making a difference. In 2013, we entered a new chapter of InterOil’s story by choosing Total of France to be our partner to develop the Elk-Antelope gas field as a multi-billion-dollar LNG project for Papua New Guinea. This major project – and our exploration portfolio and oil refinery and distribution businesses – positions InterOil among the front rank of Asian energy companies. Our strategy has three horizons on which we work simultaneously.
Horizon One is operating growth: running an efficient and financially stable business, with capital to support investment, low costs, strong skills and capacity, and streamlined processes. Horizon Two is developing growth: monetising our gas resources through partnerships with world-class operators. Horizon Three is future growth: investing in new exploration across frontier regions in Papua New Guinea and the region and being a partner or operator of choice for new ventures.
In short, we want to make the most of what we already have; turn probable opportunities into realities; and work our possibilities hard so they can become realities.
Dr. Michael Hession
Chief Executive Officer
Our agreement with Total to develop Elk-Antelope is an important step forward for InterOil and Papua New Guinea. It establishes a strong joint venture between Total, a super major, and InterOil and Oil Search, Papua New Guinea’s two largest oil and gas explorers and producers, to connect the country’s biggest gas field to Asia, the world’s fastest growing market.
The deal transforms InterOil into a significant regional liquefied natural gas company with a material stake in one of largest gas discoveries in Asia in the past 20 years. Importantly, we reached this agreement without incurring any debt and can now invest with confidence in our business through an aggressive exploration program across 16,000sqkm, or nearly four million acres, of Papua New Guinea.
In 2014-15, we expect to drill up to eight exploration and appraisal wells in one of the biggest drilling programs in Papua New Guinea as we continue to build our platform for growth. The agreement on Elk-Antelope is a major step for us in building a world-class company by developing world-class resources with world-class people who have a passion for working together, doing good work and making a difference.
Wahoo-1 is the second of four exploration wells InterOil plans to drill in the Gulf Province over the next 12-15 months.
Additionally, InterOil will drill up to four appraisal wells on the Elk-Antelope and Triceratops discoveries under a US$300 million exploration and appraisal program.
The drilling program is one of the largest in Papua New Guinea and is part of InterOil’s exploration of four new petroleum prospecting licenses (“PPL”) granted last week by the Government of Papua New Guinea.
The licenses – PPLs 474, 475, 476 and 477 – are valid for six years and cover the same area as PPLs 236, 237 and 238, which were previously held by InterOil.
THE National Petroleum Company of PNG has begun the negotiation process to buy gas from the upstream gas field operators for power generation in Port Moresby.
NPCP managing director Wapu Sonk confirmed that negotiations were underway with ExxonMobil for the gas to be transported to Port Moresby via the recently constructed pipeline to feed the existing and new dual fuel turbines.
Negotiations have commenced following the issuing of a mandate letter by the PNG Power Ltd and the Independent Public Business Corporation.
Sonk said NPCP is a joint venture partner in the PNG LNG project. He added that front end engineering and designwork was already underway for the Port Moresby gas supply.
“Other projects in Southern Highlands and Hela are under consideration for the purpose of taking a coordinated approach in solving our energy needs but it is at a very early stage at this point,” Sonk said.
PPL board chairman Larry Andagali in responding to questions about outsourcing power and energy generation said gas generation would solve the ever increasing energy demand for Port Moresby.
IPBC managing director Wasantha Kumarasiri said the initiative was fully supported by the Prime Minister who was keen to address the power generation and cost of power issues in Port Moresby and Lae.
Kumarasiri said NPCP had been recently identified as the national oil and gas company in PNG and all state agencies should allow NPCP to negotiate with parties on gas supply to domestic market needs.
IPBC and NPCP held discussions with ExxonMobil indicating the volume of gas needed for power generation. Due to their national status, NPCP is now progressing with the discussions.
That is the basher's job. The truth is not important. Lies are the norm. Post continuously on the board every day. They are trying to hit the newbies visiting the board. They are trying to wear out the longs on the board. They do whatever it takes to wear the longs out.
Posts lots of old news, responds to all positive posts with a negative side. Never responds to being called a basher, never posts on another board. Can spend up to 80 hours a week bashing a stock.
They try to wear you out. They comment on everything, every other post, and can answer every question. THEY KNOW IT ALL! There is no positive comment they won't bash. They try to control the board. True longs may have to address the bashers or they will appear to the newbies as being the people with all the information.
ed. You flunk the bad breath meter. You're a flagrant pumper and D-bag of epic proportions. It's Maunday Thursday, go find a church and beg Jehovah for forgiveness of all your sins.
Sentiment: Strong Sell