InterOil pipeline order for PNG project

US-listed InterOil Corporation will order $100 million in condensate and process gas line pipes as well as other infrastructure needed for its developments in Papua New Guinea, keeping it on track for a planned 2014 start-up.

 

Following the company's annual shareholder meeting, InterOil said its directors had approved the spending ahead of a final investment decision being made on its Gulf Liquefied Natural Gas project.

Based on the company's development of its Elk-Antelope gas field, the project entails work on the field, on a mid-size onshore LNG plant being developed with Energy World Corporation and a condensate-stripping project being developed with Japan's Mitsui.

The project will also support a new floating liquefied natural gas project between InterOil, Flex LNG and fabricator Samsung Heavy Industries.

In a presentation to shareholders, InterOil said it was moving ahead with all project activities to reach FID, targeted before the end of 2011.

It also said it was planning to complete the third phase of a seismic program over the Bwata field, aiming to start preparation of a drilling locations with new construction equipment due to arrive this week

Shareholders also elected Phil Mulacek, Christian Vinson, Roger Grundy, Gaylen Byker, Roger Lewis and Ford Nicholson as company directors.

(http://www.upstreamonline.com/)