InterOil confident of adding to Elk-Antelope
OREANDA-NEWS. US independent InterOil is confident of adding to its gas resources at its Elk-Antelope fields to underpin the long-term prospects of its planned LNG project in the Gulf basin of Papua New Guinea (PNG).
InterOil chief executive Michael Hession reiterated that the Elk-Antelope LNG project 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 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.
InterOil is working through the transition plan for Total to takeover the operation on Elk-Antelope, Hession said.
"We are moving ahead to unlock the 17 trillion ft3 (481bn m3) potential we have in target outside of Elk-Antelope," Hession said.
InterOil is looking to unlock more gas resources in the eastern Papuan Basin region in the Triceratops, Raptor and Bobcat fields, which together could have a 50pc probability of having potential gas resources of 8 trillion ft3, Hession said.
"Triceratops is in within the striking distance or tieback distance to Elk-Antelope. So it could well play part in the development planning and associated with Elk-Antelope," he said.
InterOil is also assessing the Wahoo gas field, which could have a 50pc probability of having a potential gas resource of 9 trillion ft3, Hession said.
InterOil reported a loss of \$21.9mn in the January-March quarter compared with a profit of \$318.6mn in the same period a year earlier. The loss reflected the effect of seismic survey costs during the period compared with a year ago when the sale of the 40.1pc stake to Total boosted profitability.
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