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InterOil stated last week that the Elk-Antelope LNG project in PNG has the potential to be the cheapest new LNG project worlwide
In addition, the company has identified five targets, outside of Elk-Antelope, with a potential of 17 trillion cubic feet of gas equivalent (Tcfe) of gross contingent and prospective resource.
InterOil Chief Executive Dr Michael Hession said the past year has enabled the company to focus on developing Elk-Antelope and on maintaining its exploration effort in the Eastern Papuan Basin, one of the world’s most exciting emerging hydrocarbon provinces.
“Independent analysis suggests Elk-Antelope is the most competitive new-build LNG project globally, with the potential for superior returns even at low commodity prices,” Dr Hession said.
“We are well placed with liquidity of $715 million and an anticipated certification payment, to meet our commitments and pursue the LNG project timetable.
In releasing financial results for the fourth quarter and full year to December 31, 2014, the company reported net income of $289.8 million, primarily due to completing its Elk-Antelope transaction with Total and the sale of its refinery and downstream businesses to Puma Energy.
“We implemented structural changes in 2014, which allowed us to run our business more efficiently while building a strong foundation for growth,” he said.
Full press release is available here.
