×
×
Project Insights

PNG’s InterOil approval signals more political stability

The approval of InterOil’s Gulf LNG project by Papua New Guinea’s government may be a sign of increased policital stability in the country and will clear the way for further developments for the project The approval of InterOil’s Gulf LNG project by Papua New Guinea’s government may be a sign of increased policital stability in the country and will clear the way for further developments for the project.
By Sara Stefanini 21 November 2012 Asia Pacific / LNG 0 14388
Greater political stability is expected in PNG following the country’s elections, in which incumbent PM Peter O’Neill (pictured) and his predecessor Michael Somare agreed to form a coalition. (PA)

The Papua New Guinea government’s approval of InterOil’s proposed Gulf LNG project marks a significant step forward for the Texan company’s project after it was stalled for nearly a year amid political uncertainty and infighting.

The Texan firm announced late on Friday that Papua New Guinea had authorised the development of at least one train with a capacity of 3.8 million tons per annum (mtpa). The agreement will also see the government increase its share from 22.5% to 50% in the onshore Elk and Antelope fields,...