“We are in talks with InterOil to develop the Elk and Antelop gas reserves in Papua New Guinea. We want to be involved in both the upstream and downstream processing aspects of this project,” a company offical, Park Tae Seok, told this reporter during a guided tour of KOGAS Incheon refinery on Thursday.
Should the talks prove successful, KOGAS entry will certainly up the profile of PNG as an investment destination for multinational corporations, and a major boost for the young hydrocarbon industry.
The company will not only inject money into the project, but is expected to buy the bulk of the liqufied natural gas produced from the Gulf project.
KOGAS is currently the biggest supplier of LNG to South Korea and is involved in exploration and production of LNG and other related activities in Oman, Qatar, Yemen, Indonesia, Mozambique, Canada, Myanmar, Iraq, Russia,China, Timor Leste, Uzbekistan and Australia, meeting growing demand in South Korea.
“We have not signed any agreeements as yet, but we will soon, if everything goes well,” said Mr Tae Seok, who is a member of the LNG Project Development Team.