Page 34 - Oil&Gas-AustralAsia-2015-Issue-5
P. 34
P NG
Interoil ups its stake in Triceratops and Raptor
By Marie RYAN
ment in the discovery and appraisal of increase from 87.0968 per cent to 100
Canadian based PNG focussed InterOil resources in Papua New Guinea. per cent and its gross interest in the
Corporation has agreed to increase its “We are pleased we will now own more Triceratops discovery will increase from
stake in petroleum retention licence than 78 per cent of the Triceratops and 69.0931 per cent to 78.1114 per cent.
39 (PRL39) and petroleum production Raptor discoveries,” Mr Hession said. With Pacific’s withdrawal from PPL
licence 475 (PPL475) following the “Pacific’s withdrawal simplifies license 475, formerly PPL 237, InterOil’s gross
departure of Latin American corpora- ownership for any commercialization interest will increase from 87.0968 per
tion Pacific Exploration & Production, discussions with other strategic players,” cent to 100 per cent and its interest in
formerly Pacific Rubiales. he said. Raptor will increase from 66.2082 per
cent to 79.1114 per cent.
InterOIl said in a statement the with-
drawal of Pacific is consistent with its Pacific’s right to withdraw from PRL The 2012 farm-in agreement made cer-
strategy of focusing on Latin America 39 is in line with its July 2012 farm-in tain provisions for Pacific to withdraw
and as a consequence, InterOil will agreement in which Pacific acquired a from the two licenses, including the
increase its interest in PRL 39, which 12.9032 per cent gross interest in PRL right to receive a repayment of approx-
contains the Triceratops discovery, and 39 from InterOil and minority interest imately US$96 million from the net
also in PPL 475, which contains the holders. cash proceeds of the commercial sale of
Raptor discovery. On completion of Pacific’s withdrawal, petroleum recovered or produced from
InterOil’s gross interest in PRL 39 will PRL 15.§
InterOil Chief Executive Michael Hes-
sion thanked Pacific for its support as a
joint venture partner and for its invest-
A rig at Triceratops-2.
Image courtesy of InterOil.
Oil prices take their toll on government coffers
By Marie RYAN “Ever since oil prices plunged late last The government said it had responded
year the revenue projections have been by cutting 1.38 billion kina off expend-
Papua New Guinea’s government has adversely affected,” Mr Pruaitch said. iture and raised additional revenue of
blamed falling commodity prices for a The Treasurer said a plunge in the oil 1.1 billion kina.
large drop in its revenue announcing price at the end of last year took much In 2016, PNG has forecast an overall
major funding cuts to its 2015 supple- of the shine off Exxon-Mobil’s PNG budget of 14.76 billion kina, a deficit of
mentary budget and its 2016 budget. LNG project and projected revenues 2.1 billion kina (3.8 per cent of GDP).
were much lower than previously forecasted. Economic growth is predicted to fall
The government said its mining and “This had a double-whammy impact on from 9.9 per cent to 4.3 per cent and
petroleum tax (MPT) revenue fell from the PNG economy coming on top of the PNG’s debt will rise by 2.02 billion kina
an estimated 1.7 billion kina ($786 mil- fall in copper, gold and nickel prices,” to 19.7 billion kina ($10.3 billion).§
lion) to just 300 million ($138 million). he said.
Government Treasurer Patrick Pruaitch
said it had not been an easy year.
A A32 OIL & GAS ustral SIA NOVEMBER/DECEMBER 2015 www.oilandgasaustralasia.com
Interoil ups its stake in Triceratops and Raptor
By Marie RYAN
ment in the discovery and appraisal of increase from 87.0968 per cent to 100
Canadian based PNG focussed InterOil resources in Papua New Guinea. per cent and its gross interest in the
Corporation has agreed to increase its “We are pleased we will now own more Triceratops discovery will increase from
stake in petroleum retention licence than 78 per cent of the Triceratops and 69.0931 per cent to 78.1114 per cent.
39 (PRL39) and petroleum production Raptor discoveries,” Mr Hession said. With Pacific’s withdrawal from PPL
licence 475 (PPL475) following the “Pacific’s withdrawal simplifies license 475, formerly PPL 237, InterOil’s gross
departure of Latin American corpora- ownership for any commercialization interest will increase from 87.0968 per
tion Pacific Exploration & Production, discussions with other strategic players,” cent to 100 per cent and its interest in
formerly Pacific Rubiales. he said. Raptor will increase from 66.2082 per
cent to 79.1114 per cent.
InterOIl said in a statement the with-
drawal of Pacific is consistent with its Pacific’s right to withdraw from PRL The 2012 farm-in agreement made cer-
strategy of focusing on Latin America 39 is in line with its July 2012 farm-in tain provisions for Pacific to withdraw
and as a consequence, InterOil will agreement in which Pacific acquired a from the two licenses, including the
increase its interest in PRL 39, which 12.9032 per cent gross interest in PRL right to receive a repayment of approx-
contains the Triceratops discovery, and 39 from InterOil and minority interest imately US$96 million from the net
also in PPL 475, which contains the holders. cash proceeds of the commercial sale of
Raptor discovery. On completion of Pacific’s withdrawal, petroleum recovered or produced from
InterOil’s gross interest in PRL 39 will PRL 15.§
InterOil Chief Executive Michael Hes-
sion thanked Pacific for its support as a
joint venture partner and for its invest-
A rig at Triceratops-2.
Image courtesy of InterOil.
Oil prices take their toll on government coffers
By Marie RYAN “Ever since oil prices plunged late last The government said it had responded
year the revenue projections have been by cutting 1.38 billion kina off expend-
Papua New Guinea’s government has adversely affected,” Mr Pruaitch said. iture and raised additional revenue of
blamed falling commodity prices for a The Treasurer said a plunge in the oil 1.1 billion kina.
large drop in its revenue announcing price at the end of last year took much In 2016, PNG has forecast an overall
major funding cuts to its 2015 supple- of the shine off Exxon-Mobil’s PNG budget of 14.76 billion kina, a deficit of
mentary budget and its 2016 budget. LNG project and projected revenues 2.1 billion kina (3.8 per cent of GDP).
were much lower than previously forecasted. Economic growth is predicted to fall
The government said its mining and “This had a double-whammy impact on from 9.9 per cent to 4.3 per cent and
petroleum tax (MPT) revenue fell from the PNG economy coming on top of the PNG’s debt will rise by 2.02 billion kina
an estimated 1.7 billion kina ($786 mil- fall in copper, gold and nickel prices,” to 19.7 billion kina ($10.3 billion).§
lion) to just 300 million ($138 million). he said.
Government Treasurer Patrick Pruaitch
said it had not been an easy year.
A A32 OIL & GAS ustral SIA NOVEMBER/DECEMBER 2015 www.oilandgasaustralasia.com
