InterOil finalises JV deal with Mitsui

INTEROIL Corp last week announced the finalised joint venture operating agreement (JVOA) for its proposed condensate stripping plant (CSP) with Mitsui & Co Ltd.The JVOA sets out the rights and obligations of the participants to develop a CSP at InterOil’s Elk and Antelope field sites in the Gulf province.It replaces the preliminary joint venture agreement announced last April.This agreement allows InterOil and Mitsui to each have 50% ownership stake, before the government of PNG’s statutory right could acquire up to 22.5% in the CSP.The CSP design is expected to process approximately 400 million standard cubic feet per day (mmscf/day) of well-head gas with an anticipated yield of about 9,000 barrels (bbls) of condensate per day.Located roughly 30km southwest of the fields, the wells and condensate transport from the CSP will be the responsibility of the Elk and Antelope fields owners.