Korea Gas Corp. (KOGAS), the world's largest LNG import company, has set out to develop natural gas resources in Papua New Guinea in partnership with Japan's Mitsui & Co. and Japan Petroleum Exploration Co. (JAPEX).
An official with the Ministry of Knowledge Economy said on August 22, "KOGAS has formed a consortium jointly with Mitsui and JAPEX to participate in Papua New Guinea's US$5.4-billion InterOil LNG project."
The project, led by Australia-based InterOil, involves producing 8 million tons of liquefied natural gas a year in the south shore of Papua New Guinea. Given last year's LNG consumption for whole Korea was 34 million tons, the expected output from the project represents almost 25 percent.
The ministry official added, "Currently the Papua New Guinean government is working on selecting development partners and detailed terms of the deal, with the production time set at the end of 2017."