InterOil Corp. is believed to be pushing ahead with its proposals for an LNG project in Papua New Guinea, after submitting a project agreement to the country’s government.
According to the Oil & gas Journal, InterOil, along with partners Petromin PNG Holdings and Pacific LNG, submitted the agreement for the construction of the plant in recent weeks.
Government figures are believed to have voiced their support for the $6bn two-train LNG project, which will have the capacity to produce 4 million tones per year of LNG.
InterOil indicates the project is also supported by other key Papua New Guinea government members and while the company has yet to firm up sufficient reserves for the project, it points to two separate independent resource evaluations that support the project agreement.
InterOil has targeted first production from the project for close of 2014 or early 2015.