Mon, Aug. 31, 4:59 PM
- InterOil (NYSE:IOC) says its PRL-15 joint venture has resumed work on drilling a side-track well at the Antelope-4 site, as part of its appraisal campaign on the Elk-Antelope gas field in Papua New Guinea.
- IOc and partner company Total (NYSE:TOT) suspended work at Antelope-4 in May after reaching a subsea vertical depth sub-sea of 2,056 meters, or ~158 meters above the gas-water contact.
Thu, Aug. 13, 6:48 AM
Tue, Jul. 14, 9:19 AM
Mon, Jul. 13, 5:35 PM
Thu, Jul. 2, 2:45 PM
- InterOil (IOC +2.3%) and its partners say they fully endorse Total's (TOT +0.8%) recommendations for key project infrastructure sites for development of the French operator's Elk-Antelope liquefied natural gas project in Papua New Guinea.
- The central processing facility for the field will be located near the Purari River 360 km northwest of Port Moresby, and will be connected to the LNG facility by onshore and offshore gas and condensate pipelines.
- IOC CEO Michael Hession says the venture would now enter basis of design, a significant milestone for the Papua LNG project.
Wed, Jun. 10, 8:59 AM
- InterOil (NYSE:IOC) chairman Chris Finlayson tells shareholders the company's flagship Elk-Antelope LNG project in Papua New Guinea is the lowest cost in the region and is extremely well placed to proceed "under all likely price scenarios."
- IOC estimates the two-train project will cost ~US$2,050/metric ton of capacity, vs. US$4,000 or more for projects such as Chevron's Gorgon venture and Shell's floating Prelude project, both in Western Australia.
- The CEO maintains the target of mid-2015 for deciding on how the project will be configured, and says detailed design work and LNG marketing would start later this year; however, production at Elk-Antelope will only begin early next decade.
- The comments come as IOC resumes drilling at its Wahoo-1 side-track exploration well in PNG.
Tue, May 12, 10:10 AM
- InterOil (IOC -1.9%) says promising appraisal results at the Elk-Antelope gas field in Papua New Guinea underpin development of a potential multi-train liquefied natural gas project, the company says in its Q1 results.
- IOC says well results from Antelope-5 had been very encouraging: "Drilling results from Antelope-5 identify this well as having the best reservoir thickness, quality and fracture density of all wells drilled on the Elk-Antelope field."
- IOC reported a Q1 net loss of $21.9M vs. a net profit of $318.6M in the year-ago quarter, with most of the loss from expensing $19.3M of seismic acquired over its extensive exploration portfolio during the quarter.
Tue, May 12, 6:06 AM
Mon, Apr. 27, 4:40 PM
- InterOil (NYSE:IOC) says it has begun flow testing at the Elk-Antelope gas field in Papua New Guinea as part of its field appraisal.
- IOC says Antelope-5 has the best reservoir thickness, quality and fracture density of all wells on the field, and signifies a "world-class reservoir."
- The data from the testing will help the Elk-Antelope LNG Project, a joint venture of IOC, Total (NYSE:TOT) and Oil Search (OTCPK:OISHF), to optimize design of the liquefied natural gas plant and associated infrastructure.
Wed, Apr. 22, 11:49 AM
- First shipments from a new liquefied natural gas project in Papua New Guinea operated by Total (TOT -0.7%) is expected in 2021, according to a top executive at InterOil (IOC +0.3%), a partner in the project.
- The partners plan to begin marketing a total of 6.8M metric tons/year of LNG from the project mainly to buyers in China and Japan by the end of this year, Keli Taureka tells Reuters.
- The new project, drawing gas from Papua New Guinea's undeveloped Elk and Antelope fields, hopes to take advantage of many LNG contracts expiring in Asia around that time, Taureka says, adding that he expects Chinese demand to double.
- Preliminary estimates show the Elk and Antelope fields hold 5T-9T cf of natural gas, although reserves will only be confirmed once an appraisal study is complete by the middle of this year, the exec says.
- Earlier: InterOil says it won't rule out takeover offers
Wed, Apr. 22, 8:49 AM
- InterOil (NYSE:IOC) is not ruling out a possible takeover if the price is right, although it is currently focused on completing an appraisal of resources at Papua New Guinea’s onshore Elk-Antelope gas field, a senior company executive says.
- Papua New Guinea’s significant natural gas reserves are attractive for global energy companies, given the country’s relatively proximity to Asian gas markets such as China and Japan, and strong backing from the government.
- IOC is part of a joint venture with Total (NYSE:TOT) and Oil Search Ltd. (OTCPK:OISHF) to explore Elk-Antelope, one of Asia’s largest undeveloped gas fields
Wed, Mar. 18, 10:50 AM
- InterOil (IOC -0.8%) says it has identified as much as 17T cf of resource potential in its Papua New Guinea acreage, which some analysts say could attract acquisitive attention from an energy major.
- IOC believes the resource, the equivalent of 3B barrels of oil, is contained in five exploration and appraisal targets outside the Elk-Antelope field where IOC already is working with Total and Oil Search.
- In its earnings conference call yesterday, IOC reiterated its target of deciding how to develop Elk-Antelope by the end of June, and said the proposed liquefied natural gas project is "potentially the lowest cost new-build LNG project in the world."
- "This hydrocarbon inventory suggests a scale which could appeal to any global super-major," says Bernstein analyst Neil Beveridge, but "reservoir quality rather than resource presence remains the key risk."
Tue, Mar. 17, 6:14 AM
Mon, Mar. 16, 5:30 PM
Tue, Feb. 17, 8:18 AM
- InterOil (NYSE:IOC) says the Antelope-5 well in Papua New Guinea struck the targeted gas reservoir at the Antelope field 230 meters higher up than anticipated, raising hopes that the resource could be large enough to underpin an expansion of liquefied natural gas capacity in the country.
- A Citigroup analyst says the results increase the likelihood that the size of Elk-Antelope field is closer to Oil Search's (OTCPK:OISHF) base case of 5.3T cf of gas rather than its low case estimate of 3T cf.
- The news comes after last week's resolution of a dispute over the ownership of the field between IOC and Oil Search, which confirms Total's (NYSE:TOT) status as a third partner in the Elk-Antelope field.
Tue, Feb. 10, 7:59 AM
- InterOil (NYSE:IOC) says the International Chamber of Commerce has dismissed arbitration claims against the company over its farmout to Total (NYSE:TOT) at the Elk-Antelope gas field in Papua New Guinea.
- IOC says the arbitration panel dismissed all claims by Oil Search (OTCPK:OISHF) and the PAC LNG companies to pre-emptive rights over the share sale and purchase agreement involving an interest in the field.
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