PNG lifts threat to cancel Gulf LNG

Flagging a truce: InterOil says PNG government has agreed basis to maintain project agreement pending more talks

DREW DOUGLAS

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Bill Lehane

 29 August 2012 13:58 GMT

Canada’s InterOil has said that the government of Papua New Guinea has suspended its threat to cancel the project agreement for Gulf LNG.

In May it emerged the government was planning to cancel the 2009 agreement it made with Liquid Niugini Gas, InterOil’s joint venture in the country with Pacific LNG, because it was unhappy with the plans.

It issued a suspension notice which triggered a six-month consultation period during which the parties were to explore steps to deal with or remedy the state’s concerns before the agreement would be cancelled outright.

The explorer said that the authorities in Papua New Guinea had now “agreed a basis for suspension of the notice” after months of…

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