Speaking at the company’s annual meeting, InterOil’s Chairman Michael Hession, said the company has created a strong foundation for developing the Elk Antelope LNG project in Papua New Guinea.
According to Hession, the ongoing appraisal of the Elk-Antelope is strongly pointing at a two-train project based on the resources.
“In 2015, we are scheduled to select a preferred development concept and begin front-end engineering and design for the LNG plant,” he said.
The financing and marketing of the project is planned for this year, while InterOil is expecting first gas early next decade.
InterOil’s CEO Jon Ozturgut added that Total which was revealed as the operator of the PRL15 in February is on track to assume operatorship from early next quarter. Total will be operating future wells in the PRL15.
Ozturgut added that Total has been conducting conceptual studies since 2014 which included initial screening phase, completed last September, together with sensitivity analysis and definition of the three development options which was concluded in January 2015.
“The concept select will include the LNG site selection, location of the central processing facility, the gas export scheme and acid gas treatment,” Ozturgut said.
He added that the Elk-Antelope project is shaping up to be one of the world’s lowest-cost, new-build LNG projects.
LNG World News Staff; Image: InterOil