PACIFIC Liquid Niugini Gas (LNG) Operations Ltd may use a floating terminal to exploit reserves faster than a conventional plant, to help it attract equity partners.
Pacific LNG and InterOil Corp are exploring floaters to chill the fuel before an onshore production unit starts operation by 2015, according to Henry Aldorf, Pacific LNG’s newly-appointed president.
LNGL is the developer of the second LNG project.
“The partners are offering about 30% in gas areas in PNG, in the proposed LNG plant and a share of the cleaner-burning fuel.
“We must be the only project in the world offering a stake in upstream, midstream and downstream in a super low-cost project with a huge amount of gas and associated liquids,” Aldorf said in an interview in Singapore.
“We are in the process of looking for industrial and strategic investors.”
Exxon Mobil Corp, InterOil and Talisman Energy Inc may boost PNG to the second-largest LNG producer in the Asia-Pacific region after Australia by 2015 by producing as much as 15 million metric tonnes of the fuel, almost enough to supply Taiwan and India based on 2008 demand, Tony Regan, a Singapore-based consultant at Tri-Zen International Ltd, said.
Pacific LNG, an affiliate of Clarion Finanz AG, owns 47.5% of Liquid Niugini Gas Ltd, which is building the LNG project.
It also holds about 20% of Elk and Antelope gas areas along with InterOil and the PNG government.