In 2008, InterOil Corporation made one of the world’s largest oil discoveries in over 40 years. The find was made in the Elk-Antelope gas field in Papua New Guinea and is estimated to contain at least 7.6 trillion cubic feet of natural gas. The discovery has the potential to transform Papua New Guinea into a major gas exporting country and significantly boost its economy.
InterOil is a Canadian-based company with operations in Papua New Guinea, Thailand, and Canada. The company has been active in Papua New Guinea since 1996 and is the country’s largest private oil and gas producer. InterOil’s success in Papua New Guinea is largely due to the company’s commitment to working closely with the local community and government.
The Elk-Antelope gas field is located in the Gulf Province of Papua New Guinea, approximately 100 kilometers from the capital Port Moresby. The area is home to around 1.5 million people from over 800 different ethnic groups.
InterOil’s discovery has the potential to transform Papua New Guinea into a major gas exporting country. The country currently has very little infrastructure in place to exploit its natural resources. However, the discovery of the Elk-Antelope gas field could change all that.
The Papua New Guinea government has already committed to building a liquefied natural gas (LNG) plant in the country. The plant will be built in the Gulf Province and is expected to cost around US$15 billion. The LNG plant will have the capacity to export up to 10 million tonnes of LNG per year.
The Elk-Antelope gas field is just one of many potential gas fields in Papua New Guinea. The country is estimated to have potential reserves of over 30 trillion cubic feet of natural gas. With the right investment and development, Papua New Guinea could become one of the world’s leading gas exporting countries.