The deal covers the supply of one to one and one half million tonnes per annum of LNG from the Gulf LNG Project which includes the Elk and Antelope gas fields.
The project also comprises liquefaction and associated facilities in the Gulf Province of Papua New Guinea which will de developed by Liquid Niugini Gas, a joint-venture of InterOil and Pacific LNG.
The HOA sets out the basis upon which the parties plan to negotiate and document terms for the purchase and sale of the LNG for a 15-year period beginning 2015.
InterOil, Pacific LNG intend to complete negotiations and execute a binding sales and purchase agreement with ENN by the second quarter of next year.
