When asked whether ExxonMobil's exclusive period of negotiations with InterOil over the Elk-Antelope field had ended, Mulacek responded "not as a director" of the company, but as its "second-largest individual shareholder".

"In practice, I would not care or be concerned on any dates - it is immaterial - the key drivers are the underlying value split for all," Mulacek told PNGIndustryNews.net.

While InterOil's Michael Hession, who succeeded the InterOil founder as CEO in July, does not want InterOil to operate an LNG project, Mulacek still favours using the Elk-Antelope gas to expand the Exxon-led PNG LNG project and to underpin a separate LNG project in Gulf province.

"The development cost upstream for Elk and Antelope must be lower by $US6 billion to $12 billion and must lower risk for ExxonMobil, than the current Highlands project [PNG LNG]," Mulacek said in relation to the negotiations.

"And the value for InterOil shareholders is: a) partial sale with some cash, b) ExxonMobil name and lower risk, c) expansion growth in the LNG Gulf Project with stronger economics.

"The key issues are public. We are all aware the Gulf [province] wants development of LNG in the Gulf and as a major shareholder I agree. I also agree this can be balanced with gas to help ExxonMobil for a faster Train #3 expansion [of PNG LNG], so everyone and all stakeholders can win-win."

InterOil has previously held plans to develop at least 3.8 million tonnes per annum of LNG capacity through its Gulf LNG project in the province, based on the Elk-Antelope field.

Petroleum Minister William Duma and Gulf province parliamentarians are against processing the Elk-Antelope gas outside of the province, which is a blow to plans of selling 4.6 trillion cubic feet of this gas to help expand the ExxonMobil-led PNG LNG project.

The field in licence PRL 15 has 9.07Tcf of initial recoverable sales gas according to GLJ Petroleum Consultant's best-case estimate.