(EnergyAsia, October 5 2011, Wednesday) — InterOil Corporation said it is seeking strategic partners for its liquefied natural gas (LNG) project in Papua New Guinea currently being developed by its joint venture entity, Liquid Niugini Gas Limited.
InterOil said it has retained Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc and UBS AG as joint financial advisors to assist in soliciting and evaluating proposals from potential partners.
InterOil said the partner or partners must be “internationally recognized” to help develop the project’s gas liquefaction and associated facilities in the Gulf Province of Papua New Guinea. The partner must also acquire an interest in the Elk and Antelope fields and a stake in InterOil’s exploration tenements in Papua New Guinea.
InterOil said this is an “attractive” time to seek a partner given the “considerable strengthening of the Asian LNG market,
the increased interest in exploration and investment in Papua New Guinea, as well as the company’s reservoir analysis and project design fundamentals.”
“We look forward to working closely with Morgan Stanley, Macquarie and UBS as they support us in this evaluation process and in reaching what will surely be a milestone for InterOil, its shareholders and Papua New Guinea,” said Phil Mulacek, InterOil’s CEO.