6 Mar 2012

Asian company shows interest in PNG's Gulf LNG project

9:45 am on 6 March 2012

An Asian company is hoping to submit a proposal to InterOil to participate in the Gulf LNG project in Papua New Guinea as the strategic partner.

According to the Post Courier newspaper, the Far East Consortium, met with Prime Minister Peter O'Neill last week to discuss their continued involvement in the development of the LNG Project.

The Consortium is comprised of executives from Korean Gas Corporation, Japan Petroleum Exploration Company and Mitsui and Company Limited.

Among the proposal is a plan to acquire a portion of working interest in Petroleum Resources Licence 15 including the ELK/Antelope field.

Mr O'Neill says the Consortiums' efforts are vital to operate all aspects of the LNG project including upstream processing of gas products given their vast experience in this area.