The company said the scholarships were to honour former chairman of InterOil Dr Gaylen Byker and help educate young national professionals at the university.
Byker was an educationalist and lawyer who retired as chairman of the InterOil board last year.
Current chairman Chris Finlayson said: “In honouring Byker, InterOil is investing in the future of Papua New Guinea through students who have an opportunity to contribute to the country’s development.
“Papua New Guinea’s development depends heavily on young professionals completing their training and working in the public and private sectors in fields such as geology to maximise benefits for the nation.
“InterOil had a significant exploration and development programme in Gulf, including the world-class Elk-Antelope gas fields, and would likely to employ many young geologists as it continued exploring.”
Finlayson said InterOil would continue to cooperate with the earth sciences division of the University of Papua New Guinea, including a short-term engagement of undergraduates to provide them with practical experience.
The eight young men and women come from five provinces.
They are: Valencia Komun, Shirley Lee and Elizah Phil (Western Highlands); Innka Yinanguie and Amy Kaumi (East Sepik); Rodney Dawan (Eastern Highlands); Daniel Nelson (Jiwaka) and John Hajarimo (Northern).