PNG GAS PROJECT TO GENERATE 5,000 JOBS

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InterOil executive says public will benefit

PORT MORESBY, Papua New Guinea (The National, September 8, 2009) – At least 5,000 jobs are expected to be created during the peak of construction at the second PNG liquefied natural gas (LNG) project, InterOil Corp chairman and chief executive Phil Mulacek said yesterday.

Economic returns from the project were expected to help fund public infrastructure and community services in the country, such as education and health and provide income to land owners, he added.

The project agreement for the proposed plant was submitted to Department of Petroleum and Energy (DPE) by operator InterOil Corp and venture partners Petromin PNG Holdings Ltd and Pacific LNG Operations Ltd.

Mr. Mulacek said by creating thousands of new jobs and other economic benefits, InterOil’s project had the potential to provide significant prosperity to the people of PNG for many years to come.

He said the proposed LNG project was expected to have competitive investment returns compared to other projects under consideration in the region.

This is being made possible by the high total volume of liquid content of the hydrocarbon resources estimated at the Elk/Antelope field and the existing infrastructure in place, the deep-water harbour rights, the jetty system with two berths for loading and off-loading ships, electricity, housing and roadways.

Mulacek said all these would support the cost-competitiveness of the project which was expected to enhance investment returns when compared with other projects under consideration in the region.

Additionally, InterOil’s wells in the Elk/Antelope field are located in moderate foothills terrain, close to the coast and LNG plant site at Port Moresby.

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