InterOil reiterates timing of Elk-Antelope LNG

OREANDA-NEWS. US independent InterOil has reiterated that the Elk-Antelope LNG project in Papua New Guinea (PNG) remains on track to choose a preferred development concept by mid-2015, start early development in 2016 and award construction contracts in 2017 following a final investment decision.

The guidance for the project timing was given to PNG prime minister Peter O'Neill when he visited the project.

InterOil is currently flow testing wells to better understand the reservoir size and productivity. The Elk-Antelope fields hold an estimated 5.4 trillion-9 trillion ft? (150bn-250bn m?) of reserves.

The project is operated by Total, which owns 40.1pc of the project, InterOil owns 37.06 and PNG focused upstream group Oil Search owns the balance.

If the Elk-Antelope project is sanctioned in 2017, it may clash with the addition of a third train at the 6.9mn t/yr PNG LNG venture with its operator ExxonMobil planning to decide on an additional train by 2017.