Source: Post Courier, Monday 27th May 2013
ExxonMobil and InterOil in talks to develop the Elk and Antelope natural gas reservoirs
Prime Minister Peter O’Neill has welcomed the decision by InterOil to start talks with ExxonMobil as a potential partner to develop its Elk and Antelope gas reservoirs.
“This is an important announcement for the development of these assets, and I’m certain all stakeholders will welcome this.“As a stakeholder, the government is pleased that InterOil and its partners are taking the next significant step towards the development of our vast natural gas resource.“When the full potential of the gas reservoirs in the Gulf Province are realised, PNG will have in place a stable revenue flow from these resources for the next 30 to 50 years,” the Prime Minister said.
According to government estimates, PNG GDP (Gross Domestic Product) has been growing at an average of 11 per cent a year and with the construction phase of the PNG LNG project reaching 80 percent completion, GDP growth is expected to slow down to 6-8 per cent this year (2013), before rising significantly when LNG exports begin in late 2014 or early 2015.
“This is an important announcement for the development of these assets, and I’m certain all stakeholders will welcome this.“As a stakeholder, the government is pleased that InterOil and its partners are taking the next significant step towards the development of our vast natural gas resource.“When the full potential of the gas reservoirs in the Gulf Province are realised, PNG will have in place a stable revenue flow from these resources for the next 30 to 50 years,” the Prime Minister said.
According to government estimates, PNG GDP (Gross Domestic Product) has been growing at an average of 11 per cent a year and with the construction phase of the PNG LNG project reaching 80 percent completion, GDP growth is expected to slow down to 6-8 per cent this year (2013), before rising significantly when LNG exports begin in late 2014 or early 2015.