PNG Government commended for making Strategic Investment Decisions
The Managing Director for Petromin PNG Holdings Limited, Mr. Joshua Kalinoe has commended the Government for making strategic investment decisions for the benefit of the country this week.
He said the week has been a very significant period in the history of Papua New Guinea, as two important investment decisions were made by the Government.
After sanctioning the PNG LNG Project on Tuesday 8th December 2009, the Government on Wednesday 9th December, approximately one day later, approved the Elk/Antelope LNG Project Agreement.
The approval means that Petromin and InterOil will now commence the project implementation process.
“The Government has taken a very mature and strategic approach in handling the two projects which set the foundation for a positive development outcome for the future,” Mr. Kalinoe said.
The Elk/Antelope project has a significant resource and is at least capable of delivering a two train LNG Project based on current resource estimates.
Petromin and InterOil will continue on the drilling program to determine the full extent of the field which has indicated presence of liquids, including oil.
He is excited that the NEC has also endorsed the nomination of Petromin as a State Nominee both in the upstream and midstream components of the project.
Mr. Kalinoe said Petromin has commenced discussions with potential strategic partners to fund its equity participation.
“The approval of the LNG Project Agreement by Cabinet has given us the confidence to complete these discussions and move forward with certainty in the project implementation process,’ he said