Interoil completes JVOA with Mitsui

Energy company Interoil has announced that a Joint Venture Operating Agreement (JVOA) for the company’s proposed Condensate Stripping Plant (CSP) has been finalised with Japan-based trading company Mitsui.  

The JVOA sets out the rights and obligations of the participants of the joint venture to develop a CSP at Interoil’s Elk and Antelope field site in Gulf Province, Papua New Guinea, and replaces the preliminary joint-venture works agreement announced in April 2010.

Interoil and Mitsui also executed an option deed, with options to acquire interests of up to a five per cent share in the Elk and Antelope fields, and in the liquefied natural gas (LNG) project on equal terms, yet to be determined, to those agreed with a future industry partner.