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Released July 19, 2013 | PERTH, AUSTRALIA
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Researched by Industrial Info Resources (Perth, Australia)--Papua New Guinea's Gulf Liquefied Natural Gas (LNG) Project appears to be slowly progressing, according to reports by top-level executives at InterOil Corporation (NYSE:IOC) (Spring, Texas) and ExxonMobil (NYSE:XOM) (Irving, Texas). Both companies are in talks to develop InterOil's natural gas fields in Papua New Guinea.
InterOil recently appointed Dr. Michael Hession as chief executive officer. Hession was the former executive at Woodside Petroleum (ASX:WPL) (Perth, Australia), who was responsible for the development of the multi-billion dollar Browse Onshore LNG Project.
"I've been in discussions with InterOil for some months, since before I left Woodside," Hession said. "InterOil is at an inflection point in its history, and I expect it will start to realize the value that it has carefully built over the past 16 years."
Industry experts believe Hession's success in bringing additional partners into the Woodside-led Browse project, such as PetroChina Company, Mitsubishi Corporation and Mitsui & Company, was influential in the InterOil board's decision to appoint him to the CEO position. InterOil is sitting on an estimated 9 trillion cubic feet of recoverable gas, but does not have the capital to develop the resource itself.
As the operator of the largest refined products distribution network in Papua New Guinea, InterOil operates more than 50 retail stations, six large terminals and 12 depots across the country.
InterOil's key assets are the big Elk and Antelope gas fields, onshore on the Gulf of Papua, which are being eyed by ExxonMobil as feedstock for the industry giant's PNG LNG project near Port Moresby. The $19 billion project, which is nearing completion, will have a capacity of 6.9 million tonnes per year and includes gas production and processing facilities in the southern highlands and western provinces of Papua New Guinea. More than 450 miles (700 kilometres) of pipelines are required to connect the facilities in the highlands with the processing plant and export facilities along the coast. First LNG deliveries to customers in China and Japan are scheduled to begin in 2014.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
InterOil recently appointed Dr. Michael Hession as chief executive officer. Hession was the former executive at Woodside Petroleum (ASX:WPL) (Perth, Australia), who was responsible for the development of the multi-billion dollar Browse Onshore LNG Project.
"I've been in discussions with InterOil for some months, since before I left Woodside," Hession said. "InterOil is at an inflection point in its history, and I expect it will start to realize the value that it has carefully built over the past 16 years."
Industry experts believe Hession's success in bringing additional partners into the Woodside-led Browse project, such as PetroChina Company, Mitsubishi Corporation and Mitsui & Company, was influential in the InterOil board's decision to appoint him to the CEO position. InterOil is sitting on an estimated 9 trillion cubic feet of recoverable gas, but does not have the capital to develop the resource itself.
As the operator of the largest refined products distribution network in Papua New Guinea, InterOil operates more than 50 retail stations, six large terminals and 12 depots across the country.
InterOil's key assets are the big Elk and Antelope gas fields, onshore on the Gulf of Papua, which are being eyed by ExxonMobil as feedstock for the industry giant's PNG LNG project near Port Moresby. The $19 billion project, which is nearing completion, will have a capacity of 6.9 million tonnes per year and includes gas production and processing facilities in the southern highlands and western provinces of Papua New Guinea. More than 450 miles (700 kilometres) of pipelines are required to connect the facilities in the highlands with the processing plant and export facilities along the coast. First LNG deliveries to customers in China and Japan are scheduled to begin in 2014.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
