Aug 29 (Reuters) - InterOil Corp said Papua New Guinea withdrew a threat to cancel the company's $6 billion liquefied natural gas (LNG) project in the country.
Papua New Guinea's energy department said in May that it was planning to cancel the Gulf LNG project, which was slated to go on line in 2014, as InterOil had deviated from the original agreement.
Oil producer, refiner and petroleum retailer InterOil said it will keep negotiating until detailed specifications of the proposed project are finalised to the government's satisfaction.
The company is developing the project with energy investor Pacific LNG in a joint venture called Liquid Niugini Gas Ltd.
Shares of InterOil, which has almost all its operations in Papua New Guinea, closed at $84.13 on the New York Stock Exchange on Tuesday.
Papua New Guinea's energy department said in May that it was planning to cancel the Gulf LNG project, which was slated to go on line in 2014, as InterOil had deviated from the original agreement.
Oil producer, refiner and petroleum retailer InterOil said it will keep negotiating until detailed specifications of the proposed project are finalised to the government's satisfaction.
The company is developing the project with energy investor Pacific LNG in a joint venture called Liquid Niugini Gas Ltd.
Shares of InterOil, which has almost all its operations in Papua New Guinea, closed at $84.13 on the New York Stock Exchange on Tuesday.
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