Total to be operator of PNG’s PRL 15 JV

InterOil Corp. says that all participants in the Petroleum Retention License (PRL) 15 joint venture have unanimously voted to appoint Total E&P PNG Ltd. as operator of the PRL 15 JV. PRL 15 is located in the Gulf Province of Papua New Guinea (PNG).

The appointment will take effect in accordance with an operator transition plan and the terms of the JV operating agreement.

Total has a 40.1% interest in PRL 15, with InterOil, Oil Search Ltd., and minority shareholders holding 36.5%, 22.8% and 0.5% stakes, respectively.

The appointment is subject to all necessary PNG government approvals.

 

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