Energy World Corporation (EWC) has signed a project funding and construction agreement and shareholders agreement with InterOil Corporation and Liquid Niugini Gas to construct a three million tonnes per year (mtpa), land-based modular liquefied natural gas (LNG) plant in the Gulf Province of Papua New Guinea.
The plant will be developed in two phases using EWC’s modular 500,000tpa LNG trains, with phase I to have a total capacity of 2mtpa and phase II expanding the facility by another 1mtpa.
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The Train 1 LNG plant is expected to process an estimated 2.25 trillion cubic feet of natural gas over 15 years.
Under the agreement, EWC will receive 14.5% of the proceeds from the sale of LNG from the plant.
The plant is designed to link with InterOil’s proposed condensate stripping plant, which is being pursued by a Mitsui Group joint venture, and to accelerate the intended monetisation of the Elk and Antelope fields.
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By GlobalData
