In a statement to investors published on the company's website, Hession said Elk-Antelope would support at least a two-train project and benefit from several advantages over other gas developments in PNG.
Concept selection studies are well advanced and onshore and offshore surveys are due to start before the end of 2014.
"It is closer to infrastructure than any other developed gas field in the country and it is close to a major river, an important cost benefit when transporting people and equipment," Hession said in a statement.
"It also has the natural advantage of being in a less-mountainous region than other major gas fields, a big factor in development cost.
"But more importantly, it is a single gas field that can be developed without the expense of pipelines and processing facilities to collect gas from multiple fields.
"Our opportunity - and the opportunity for Papua New Guinea - is to make the most of these metrics in developing Elk-Antelope efficiently and effectively."
Hession said planning for the Elk-Antelope LNG Project continued to step up with more than 500 people now working on the project in Papua New Guinea, Australia, Singapore and France.
"The project promises to benefit from the pioneering PNG LNG project, which has shown the world that Papua New Guinea can build and operate mega-projects," he added.
"In addition, Papua New Guinea is now recognised as having one of the lowest-cost greenfield LNG projects in the world, a huge advantage over other competing LNG projects in Australasia.
"We believe Elk-Antelope will support at least a two-train project and will benefit from several advantages over other gas developments in Papua New Guinea."
The field has 9.07 trillion cubic feet of initial recoverable sales gas, according to GLJ Petroleum Consultant's best-case estimate.
Meanwhile the PNG government told local media that it would renew Elk-Antelope's PRL 15 licence next April.
Petroleum and Energy Minister Nixon Duban told journalists that the potential of the project's gas fields would raise the country's profile in terms of the LNG industry.
"It is something that the government wants to see immediately off the ground," Duban said.
"Let me assure you … licence for PRL 15 will be renewed.
"We are appealing for the company now to apply for the development licence. We want to talk about landowner benefits, project agreements.
"Those must now become the pivotal part of the project. We've asked for the project to be brought forward.
"I am now advising the company to put in the petroleum development application."