The PRL will separate from the company’s exploration acreage that will specify minimum work commitment activities over the next five years, according to the company.
The PRL organizes the fields in a way that will be helpful for partnering and will allow the company to advance its condensate and LNG plans, according to the company.
The company said a petroleum development license for which application has not yet been made and further government approvals will be required before commencement of construction or commercial production of hydrocarbons.
InterOil CEO Phil Mulacek said that grant of the PRL demonstrates commitment from the Government of PNG emanating from the company’s past record, as well as confidence in its forward capabilities.
