Total has acquired 40.1% gross interest from InterOil in the Elk-Antelope gas field in Petroleum Retention Licence 15 in Papua New Guinea.
A revised sales and purchase agreement was closed between the two oil and gas firms, where InterOil immediately received $401m for closing the transaction, and will receive $73m on a final investment decision for an Elk-Antelope LNG project, and $65m on the first LNG cargo.
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Total exploration and production Asia Pacific senior vice president Jean-Marie Guillermou said that the company’s presence in Papua New Guinea provides an ideal opportunity to grow its business in the Asia-Pacific region.
"We have a strong relationship with our joint venturers, strong support from the Papua New Guinea Government, and we now look forward to leading the development of the LNG project," Guillermou added.
The agreement will enable InterOil to maintain a material interest in PRL 15, which covers one of Asia’s largest gas discoveries of the past 20 years.
InterOil chief executive officer Dr Michael Hession said: "InterOil now has a solid partnership where Total can use its considerable LNG expertise to develop Papua New Guinea’s second LNG project."
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By GlobalDataAccording to Total, other joint venturers in the licence include Oil Search, which has 22.8% (gross) as a result of its acquisition of interests held by Pacific LNG Group Companies, and indirect participating interests holding 1.6% (gross).
Image: Total building in la Défense near Paris, France. Photo: courtesy of Tangopaso.
