Papua New Guinea OKs $6B InterOil LNG Project

Law360, New York (November 16, 2012, 8:21 PM EST) -- Papua New Guinea's leadership has approved InterOil Corp.’s $6 billion liquefied natural gas export project after protracted talks that culminated in InterOil’s offer to sell half of two of its local gas fields to the government, a deal the country also approved Friday.

Under the offer, PNG and its residents will receive an extra 27.5 percent stake in the Elk and Antelope gas fields on top of the 22.5 percent interest it would already receive, according to a statement by InterOil, which said Friday that it...
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