Papua New Guinea conditionally approves InterOil LNG project

11/26/2012
The Papua New Guinea government cabinet has approved InterOil Corp.'s Gulf LNG project to be supplied by the Elk-Antelope onshore gas fields with conditions including the 50-50 split between the government and InterOil. Prime Minister Peter O'Neill said in a statement that Papua New Guinea's National Executive Council had approved the 50-50 project in which the government would acquire an additional 27.5% stake over and above its legal 22.5% entitlement, which is managed by state nominee Petromin. The acquisition would give the government a combined half interest in the Elk-Antelope assets. It is probable that some of this equity would be managed for the benefit of capital-lacking landown...
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