InterOil seeks to push revenue, jobs

 INTEROIL plans to pursue a monetisation policy while providing revenue and employment, chief executive Dr Michael Hession says.

Commenting on the company’s second quarter results, Hession said InterOil would streamline its operations and concentrate on core business activities of oil refining, wholesale and retail petroleum distribution, monetisation of gas fields and exploration.

He said: “We will pursue a monetisation in a way that provides revenue and employment for the PNG economy, retains up-side for the company and its shareholders and provides funds for further exploration. 

Hession said InterOil’s activities were aimed at creating value for shareholders in a vertically integrated oil and gas company that hadalready made major discoveries and had significant exploration potential. 

“We will build on our success by resuming our exploration activities and will seek additional exploration partners,” he said

The company recorded net loss of US$13.2 million (K30 million) for the June quarter compared with a loss of US$31.7 million (K72 million) for the same period last year.

According to the report, the decrease in net loss by US$18.5 (K42 million) was due to a US$42.2 million (K95.9 million) increase in gross margin.

Total revenues also increased by US$46.6 million (K106 million)  to US$345.7 million (K785.68 million) because of higher sales volumes during thequarter. 

The total volume of all products sold was 2.4 million barrels, compared with 1.8 million barrels in the same quarter of last year, mainly as a result of increased refinery exports.