Interoil Png Job Vacancies

We provide education and medical facilities, transport assistance, jobs, training, and a number of other and efficiency in our work. " According to Hong Kong-based analysts with Bernstein Research, Oil Search had wanted to pre-empt the Total acquisition transaction to enable ExxonMobil to enter into the Elk-Antelope project through a re-sale of some of its stake. As we develop energy resources in Papua New Guinea, our aim always is to create value for our shareholders, to support safe and efficient operations for our employees, and to be an outstanding partner to everyone – from joint venturers to communities – with whom we have monetized a major asset with a high-quality global partner, and begun a large-scale exploration program in the surrounding look forward to reporting our progress and achievements to you, as we move forward in this crucial, exciting phase of the Company’s and management, we moved quickly to stabilize our operations in a way that would translate into improved performance and the development of the Elk-Antelope fields in PRL 15. Oil Search and InterOil said they expect the deal to close in the third quarter of this year, pending approval from InterOil's shareholders. ’In general, our clients in PNG are very positive about the future of the region,’ he says. "A key focus for Oil Search, its joint venture partners and the PNG government, is to complete the comprehensive appraisal program currently underway, to have the gas resource in Elk-Antelope certified and move seamlessly into the development phase, as soon as possible. This connects what may be the biggest gas field in Papua New Guinea to Asia, the fastest growing market in the world. 2 trillion cubic feet of gas, more than enough to fill one LNG processing train. Michael Hession, who came to InterOil after many distinguished years at Woodside and BP. We announced the closure of our Cairns office by the on my appointment in July, to guide InterOil in 2013 and beyond. ” Results on both wells are expected about 90 days after spud. ‘These are local jobs for local people, and there will be a flow-on for expatriates in areas such as security, health and welfare. "We think it's a very smart deal. No assurances can be given however, that these events will occur. I am confident that we have the bearing down on costs and rationalizing our offices and staffing. . All statements, other than statements of historical facts, included in this announcement that address activities, events or developments that InterOil expects, believes or anticipates our current beliefs as well as assumptions made by, and information currently available to us. We are working to develop the field and bring gas to market in Asia with our joint venture partners, Total S. For that, the fields, which are currently being appraised with the drilling of two new wells, would need to contain at least 7 Tcf of gas. "The days of industry profligacy are past with these sorts of oil and gas prices that we're experiencing and are likely to experience for some years to come," Oil Search CEO Peter Botten told Reuters. The area is divided into four Petroleum Prospecting Licenses (PPLs) and two Petroleum Retention Licenses (PRLs). The LNG project alone will take 20-30 years to run its course. We hope that, in all we do, we are a positive example of how good business practices create jobs, sustainable profits, has been a partner to Papua New Guinea for 17 years, through recessions and good times. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate from the Elk and Antelope and Triceratops fields will ultimately closely the disclosure in the Company’s Form 40-F, available from us at www. InterOil’s assets include an interest in one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, exploration licences covering about 4 million acres, Papua New Guinea’s only oil refinery, and retail and commercial petroleum distribution facilities throughout the country. ’ Smith says Air Energi Pacifica processed about 1,000 work permits and visas last year. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. However, he cautions people are waiting to see where the income from the LNG project goes to. 62 billion. Isikeli Taureka, previously the President of Chevron Texaco China, was appointed as Executive Vice agreement with Total S. "Test results supported previous interpretations of excellent reservoir quality and well deliverability. The final months of the year saw new senior of the senior team whose job it is to guide our exceptional staff and oversee our energy assets. The great majority and distribution provide fuel for the nation and generate millions of dollars in revenue for the Government. Actual future results, including project plans and schedules could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; and other factors. 1 Tcf of gas, the certification payment would be $580 million, taking the total return to InterOil, including all other contingent payments, to $1. 8350 percent stake in the block, respectively. The country has the existing PNG LNG project, run by ExxonMobil Corp. sec. " Oil Search co-owns Papua LNG and PNG LNG and has been pushing them to cooperate in order to avoid wasting money on duplicating infrastructure as happened on Australia's east coast, where three LNG plants were built next to each other at a cost of $64 billion. “We continue to make significant progress executing our strategy and advancing the development of the Elk-Antelope fields,"InterOil Chief Executive Dr Michael Hession said in the press release. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. We give priority to ensuring that our presence is a benefit to the people and communities near our exploration and drilling activities. Meanwhile, ExxonMobil is also looking to develop gas it owns in the P'nyang field for an expansion of PNG LNG. Meanwhile, the upstream Central Processing Facility will be located in PRL 15, close to the Purari River, while the approximately 46. 5 percent interest and JX Nippon has 12. “We will work with the government of Papua New Guinea as we undertake this work. InterOil is listed on the New York and common stock is listed on the New York Stock Exchange (NYSE) and Port Moresby Stock Exchange (POMSoX) under the ticker symbol statements” as defined in United States federal and Canadian securities laws. the environment. The company or companies covered in this note did not review the note prior to publication. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. " Under the terms of its deal with InterOil, Total agreed to make further payments depending on the size of the Elk-Antelope gas resource certified, at the FID and at the shipment of the first LNG cargo. We have more promising areas to explore, more wells to drill, and we expect to find more oil and gas. InterOil holds the PPLs for six years, from March 2014, with the option of renewing them for a further five years when they expire. 5 percent interest. InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering about 16,000sqkm. Our employees include skilled managers, mechanics and engineers, construction workers and service station staff. PNG LNG has two production trains with capacity of 6. " Looking ahead, the firm revealed that the PRL 15 Joint Venture would make a decision to drill Antelope-7 on the western flank of the Antelope field in the June quarter to identify additional multi trillion cubic feet equivalent (Tcfe) resources, with site preparation continuing at the proposed Antelope-7 well pad. The term “project” as used in this release does not necessarily have the same meaning as under any government transparency reporting requirements. ‘Our clients are looking for managers who’ll not only make a positive contribution to the company but also, through training and developing the people they manage, to help develop PNG economically, socially, and culturally. "Following this decision both Total and InterOil should be fully aligned in moving forward with a two-train LNG investment as soon as possible," the analysts said. The Wahoo well, located to the southeast of PRL 15, has been spud and flow rates are expected to be received by early May. The costs that are added to the reported Platts’ price These include, but are not limited to, difficulty in optimizing our refinery’s performance, finding described under the heading “Risk Factors” and elsewhere in this Annual Information Form. 6 mile (75 kilometer) onshore and 164. The Antelope-5 well flowed at over 57 million standard cubic feet gas per day (MMscf/d) for the majority of test through two parallel 48/64 inch chokes. 80 and US Based on interests set out in revised agreement, reduced pro-rata to reflect lower interest acquired oil and gas business with a primary focus on Papua New Guinea. 9 million mt/year and started producing in mid-2014. makes no representation or warranty as to its completeness or accuracy. ” its executive and senior management team with experienced industry leaders needed for the exceptional opportunities we have created. " Interoil added that "strong connectivity is encouraging and supports a simpler and lower cost LNG development. exploration and appraisal program and one of the biggest in Papua New Guinea’s history. work permits for staff and contractors, and gives the company priority in the processing of these applications. ’ InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea. ExxonMobil said it was "open to discussing infrastructure sharing opportunities with other operators where it is technically feasible and commercially attractive for both parties," in an email to Reuters. The future with PNG is one we are excited about. Affiliates of Oil Search, drilling operator, have a 38. ‘We’ve just screened about 1,500 people for 437 jobs on Manus Island,’ he says. “When combined with our acquisition of InterOil Corporation, the increase in assessed reserves at Hides in the existing PNG LNG project and our Oil Search began drilling the P’nyang South-2 well on Oct. Our partnership will bring more jobs and opportunities to Papua New Guineans and generate more income for the country, its “In October 2013, the board approved InterOil’s largest exploration and appraisal program and one of the biggest in Papua New Guinea’s history. 1275 percent and 22. InterOil is coveted for its stake in the Elk-Antelope fields, which could hold at least 6. , the PRL 15 Joint Venture has reached agreement to locate the LNG plant site at Caution Bay, adjacent to the Exxon Mobil Corp. The Elk-Antelope gas resource is regarded as increasingly likely to be big enough to underpin an LNG project comprising at least two production trains, or 8 million mt/year. stream for InterOil and the other partners, including of course the people and Government of Papua New Guinea. InterOil owns a 36. -operatedPNG LNG Project site to maximize the opportunity for potential synergies with the latter. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. ‘It may increase incrementally but we don’t see it dropping which is a good indication of market activity. ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. As part of the plan, Oil Search has agreed to sell more than half of Interoil's stake in Papua LNG to Total. Should the resource be determined at 7. In early 2014, approval was given and our oil refinery and our retail and wholesale distribution businesses in Papua New Guinea, position InterOil among the front rank and realize the value of our assets, we needed an experienced, talented management team. According to Oil Search Ltd. , which wanted Oil Search for its stakes in the PNG LNG project and Elk-Antelope. of France, and Oil Search Limited of Australia. Oil Search said the offer valued InterOil at $40. 5375 percent interest in PRL 15, with Total and Oil Search holding 40. "Conceptually, it makes a lot of sense and should allow them to go forward to the development phase a lot faster than otherwise would be the case. "In a complex, non-unanimous judgment, the ICC decision declared that Total is a party to the Elk-Antelope joint venture operating agreement, but it also declared that Total has no rights in PRL 15 or in the Elk-Antelope JOA, unless and until InterOil and Total comply with relevant transfer clauses within the JOA," Oil Search said in a statement Wednesday. As a result, Oil Search will end up with a 29% stake in the Papua LNG project, complementing its 29% stake in PNG LNG. 8% share of PRL 15 via a $900 million takeover of Pacific LNG Group Companies had conferred on it pre-emptive rights in relation to the joint venture. Though painful, these were the right steps to ensure we are focusing our human and financial resources where they can have the greatest impact. In a conference call on March 26, 2014, management said the Bobcat well has already been spud and intends to spud the Raptor well “within the next few days. regional energy company and, as important, a trusted partner to communities, business, and the Government of Papua New Guinea. “We are currently evaluating the well results and together with our co-venture partners will assess the P’nyang field resource potential and development pathway,” said Liam Mallon, president of ExxonMobil Development Company. The well confirms the southeast extension of the field. gov IOC said the wells in the region take an average of 90 days to complete and the drilling of three exploration wells are already underway. Anything less would be bad business and unacceptable behavior. Actual results could differ, and the difference may be material and adverse to the Company and its shareholders. ‘Enigma continues to work with commercial PNG companies looking for their expats to make a long term commitment to PNG, with most employed on a residential status rather than FIFO [fly in, fly out],’ says Turner. In all ways, we work the development of the Elk-Antelope fields as a Liquefied Natural Gas (LNG) Project has the potential to provide significant benefits to InterOil shareholders and contribute considerable revenue to the people of Papua New Guinea through taxes and royalties. is progressing work on the Papua LNG Project in The PRL 15 joint venture is nearing the final stages of the Elk-Antelope appraisal program, with the Papua LNG (liquefied natural gas) project’s basis of design work expected to progress to front-end engineering and design work next year. The company employs about 1100 people and has its main offices in Singapore and Port Moresby. Enigma’s Mark Turner says future planned resources projects will create jobs in engineering, construction, logistics, hospitality and transport sectors. ‘Perhaps the phrase to use would be “quietly confident’. Bernstein are less optimistic on the project's timing, however, forecasting an FID in 2018 and first LNG in 2022. For more information, visit Cautionary Statement:Statements of future events or conditions in this release are forward-looking statements. The takeover of InterOil will give it a bigger stake in Total's project. Total is progressing work on the Papua LNG Project in PRL 15 in Papua New Guinea and construction is expected to commence in 2018, creating up to 10,000 jobs. has a long-only position in Shell. The company’s main offices are in Singapore and Port Moresby and InterOil is listed on the New York and Port Moresby stock exchanges. He brings a wealth of experience across different regions in both exploration and project Development. InterOil CEO Michael Hesson said the company had received a number of other proposals, but declined to give details. ExxonMobil affiliates operate the license with a 49 percent interest in the block. "Oil Search anticipates that InterOil and Total will attempt to comply with these terms and the company intends to work constructively with its joint venture partners to resolve all outstanding transfer and joint venture management issues," the company said. Equates to US $0. XOM’s previously discussed partnership with Oil Search is set to ramp up in 2014, and the PNG government specified four major partners in China and Japan are set to import its natural gas production. ‘People are anxious about what the government will do with the money. Oil Search has argued that the project could be carried out more cheaply and quickly with ExxonMobil involved, they said. We have also provided health care and supported business development in Wabo and the surrounding villages as well as supplying fuel to the Youth With A Mission medical ships so they can take volunteer medical we celebrated the opening of two new teachers’ houses built by InterOil. Asked if Woodside would consider a counter bid, chief executive Peter Coleman said on May 20 the company's focus was on sub-$1 billion deals. The deal follows Oil Search's rejection last year of an $8 billion takeover offer from Woodside Petroleum Ltd. The company anticipates drilling up to eight total exploration and appraisal wells in the next 12 to 15 months. A feature of InterOil’s work in Papua New Guinea is PRL 15, which contains the Elk-Antelope field – one of the largest gas discoveries in the Asia-Pacific in the past 20 years. In the past year, InterOil has built a modern office and accommodation complex to support local and provincial government work in education. InterOil has permission from the Government of Papua New Guinea to explore for oil and gas across almost 4 million acres in the south of the country. interoil. "The Elk-Antelope fields represent a world-class gas resource which has the potential to underpin a major new LNG development or LNG expansion, both of which are potentially commercially attractive, despite the recent sharp fall in oil prices," Oil Search said. Michael has strong commercial ties created by retirement. We look forward to growing this company along with Total for the benefit of our shareholders and for Papua New Citizen Award by the Papua New Guinea Department of Labour and Industrial Relations. (NYSE: For Total, which will boost its stake in Papua LNG as part of the deal, Oil Search's move will open opportunities for collaboration and possible integration with ExxonMobil's project, said CEO Patrick Pouyanné. ’ Confidence There appears to be two reasons for the continuing strong employment trend: confidence in the O’Neill Government, and a rise in living standards as a result of the PNG LNG project’s impact on the economy. InterOil employs about 1100 people in Papua New Guinea, ranging from experts in drilling and logistics to community relations specialists. Last month, the US company signed a memorandum of understanding with the PNG government for the expansion, setting a deadline for a final investment decision on the development of P'nyang at the end of 2017. 5million of their investment into 141,545 of our common shares. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. 60, US $0. Meanwhile, InterOil said an extended well test of Antelope-5 earlier this year flowed a total volume of 760 million standard cubic feet of gas (MMscf) over 14 days, with the well then shut-in for 16 days to record the subsequent pressure build-up. References to “hydrocarbons” and “hydrocarbon-bearing reservoirs” refer to quantities of oil and gas that are not yet classified as “proved reserves” under SEC definitions but that we believe may ultimately be produced. reported Friday that field operator France's Total S. new Chief Executive Officer, Dr. Investors should consider a company’s entire financial and operational structure in making any investment decisions. While the result will come as a disappointment to Oil Search, we see little downside risks and believe the company will play a key role in bridging between the PNG partners and government. Don Spector the new Chief Financial Officer, and Jon Ozturgut, the new Chief Operating Officer, joined InterOil late in 2013 and were formally appointed in January 2014. This applies to every aspect of our business, from the ethics we insist on in all our employees’ behavior to the importance we place on the health and safety of our entire workforce. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking the risk factors discussed in the Company’s filings with the Securities and Exchange Commission and on SEDAR, including but not limited to those in the Company’s Annual Report for the year ended 31 December 2013 on Form 40-F and its Annual Information Form for the year ended 31 December 2013. Total paid US-listed operator InterOil $401 million for the stake, which was transferred to one of its subsidiaries on March 26, 2014. Gas from Elk-Antelope could also be used to underpin an expansion of ExxonMobil's existing PNG LNG project, where Oil Search is a joint venture partner. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. The transaction was an important moment for investors, many of whom have been part of the company since its formation in 1997. ” The well was safely drilled to 8,940 feet (2,725 meters), reaching high-quality, hydrocarbon-bearing reservoirs in the Toro and Digimu sandstones, consistent with pre-drilling expectations. The well is located in petroleum retention license 3, which covers 105,000 acres (425 square kilometers). This was completed in early 2014, with the signing of an agreement with Total S. 7 mile (265 kilometer) offshore pipeline routes for the separate gas and condensate pipelines have been determined. If our exploration program does not discover at least five million barrels of oil product in Singapore as reported by Platts. InterOil revealed that Total has indicated during a visit to the country in mid-April that the Papua LNG Project remained a top priority for the firm. A member of EnerCom, Inc. Like several recruiters Business Advantage PNG spoke to for this article, Scott Roberts, Managing Principal of Brisbane-based Cadden Crowe predicts other projects and ventures are just waiting around the corner. 22, 2017. should be read in conjunction with our audited annual consolidated financial statements and accompanying notes for the year ended Share of net profit/(loss) of joint venture partnership accountedfor using the equity method (note 24) should be read in conjunction with our audited annual consolidated financial statements and accompanying notes for the year ended filings, and should be read in conjunction with our audited annual consolidated financial statements and accompanying notes for Assumes the Papua New Guinea Government and landholders in PRL15 exercise their rights under the PNG Oil and Gas Act to take Under the agreement, further resource payments or adjustments may be made in addition to initial payments depending on certified Represents 2C Hydrocarbon Gas plus Condensate resource volumes post Government back-in. of France which could lead to the development of the Elk-Antelope fields as a multi-billion-dollar LNG project. InterOil is a world-class company developing world-class resources with world-class people who have a passion for working together, doing good work and making a difference. 25 a share up front, a 27% premium to its close on May 19. They include the Lae Highway construction, the road linking the LNG provinces to the capital, Port Moresby, and the Manus Island detention centres. Except InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea. InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea. In addition, Sir Wilson Kamit, the former Governor of the Bank of Papua New Guinea, joined the Board. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. Drilling of one more well this year could prove it holds much more. 05 of its shares for each InterOil share plus a contingent value right tied to the size of the eventual reserves in Elk-Antelope. This award provides InterOil with public recognition for our efforts to be a positive influence in Papua New Guinea, through our employment, business, environmental, and safety practices. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. Upon completion of the appraisal program, 2 independent certifiers will take 4 to 6 months to determine the resource size in the field. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. InterOil Corp. 1% participating interest in the PRL 15 permit, which covers the gas fields. We then accelerated preparation for exploration wells on our PPLs so we could drill as soon as we received government approval. "If Exxon seeks a position in the project, acquisition of InterOil would now seem the logical move. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. The management team, the prudent management of costs, the allocation Horizon Two is developing growth: monetizing our gas resources through partnerships with world-class operators, as we Horizon Three is future growth: investing in new exploration across frontier regions in Papua New Guinea. The partnership with PNG is one we are proud of. The company said if the PRL 15 parnters decide not to drill Antelope-7, the certification process would then be implemented with Antelope-6 being the last well in the appraisal program. ’ Optimism Scott Roberts agrees confidence is coming off ‘a high’, but says the mood is relatively optimistic. We will be in PNG for many years to come. Oil Search is offering 8. It should be well supported," said Ric Ronge, a portfolio manager at Pengana Capital, which owns shares in Oil Search and Total. In the conclusion to a long-running legal process, the International Court of Arbitration of the International Chamber of Commerce declined to issue PNG-based Oil Search with pre-emptive rights over the transfer of a 40. InterOil has said previously it wanted to move work on the development of Elk-Antelope into the front-end engineering and design phase in 2016 and take a final investment decision in 2017, putting first production as soon as 2020-2021. Ventures Limited had converted $2. "It was a deal waiting to happen, a consolidation of the joint venture," said RBC analyst Ben Wilson. It has three horizons, detailing our vision to be a world-class company developing world-class resources with world-class people who have a passion for working together, doing good work and making Horizon One is operating growth: running an efficient and financially stable business, with capital to support investment, low costs, strong skills and capacity, and streamlined processes. In addition connectivity between Antelope‐5 and Antelope‐1 was confirmed. On behalf of InterOil, I want to place on record our genuine appreciation for this support, and the strong relationship we enjoy with the government and communities where we explore and drill. Oil Search had claimed its February 2014 purchase of a 22. turn probable opportunities into realities; and work our possibilities hard so they can become realities. When our exploration activities bear fruit, we will assemble the right partnerships to develop them, as we have with the Elk-Antelope fields. In the face of weak oil prices, PNG is considered one of the best locations for LNG projects, thanks to its high quality gas and low costs. com or from the SEC at www. Significantly, no barrier, such as a western bounding fault, could be seen on the flow test. A. of France which could lead to the development of the Elk-Antelope fields and the purchase of a minority interest in PRL15 by Oil Search. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note.