With the development and pipeline licence in place, the company will begin development activities including the drilling of the Stanley-3 and -5 development wells, site preparation and facilities construction.
The Stanley Gas Project development licence grant was the final condition precedent in respect of Horizon Oil’s 40% sale of its PNG petroleum interests to Osaka Gas of Japan.
Horizon Oil chief executive officer Brent Emmett said, "The Stanley joint venture has enjoyed the strong support of the Stanley area landowners, the PNG National and Western Province governments and key government departments in reaching this significant milestone, being the grant of the Stanley development and pipeline licences."
"The Stanley Gas Project brings a welcome new development to Western Province, realising a first-mover project for PNG’s regional gas-fired power strategy and a catalyst for the application of the Stanley Gas Project development strategy to Horizon Oil’s material operated petroleum interests in the nearby condensate rich Elevala/Tingu and Ketu gas fields," Emmett added.
