Shell better bring their big boy debit card if they want my vote.  They don't have Duma anymore so it's mano y mano.  I so hope XOM is our prl15 buddy with JKM and Shell is off-shore somewhere.

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Royal Dutch Shell closes in on gas reserves

OIL major Royal Dutch Shell is edging closer to achieving its long-held ambition to capture an advantageous gas reserves position in Papua New Guinea, after the latest twist in the tale of InterOil's planned liquefied natural gas project here.
A recent move by the PNG department of petroleum to terminate a late-2009 government accord with InterOil for the project has shaken the US listed company’s plans to the core.
InterOil is challenging the department's right to do away with the project agreement, a crucial framework for the development of its planned venture, which would tap its Elk and Antelope gas fields. It reckons it can find a way of dealing with the government’s concerns, which centre on the fragmented nature of the project, including both onshore and floating LNG plants.
InterOil’s advisers, UBS, Morgan Stanley and Macquarie Capital, have for some months been seeking a major LNG operator to partner on the project. But now they are understood to be indicating to interested parties that all of InterOil’s holding in the gas fields is on offer, not just a partner stake.
That would no doubt suit Shell, which may be reluctant to take a minority role alongside InterOil.
Talk in the market is that the termination letter was the last straw for InterOil's board, which has lost patience with the sale process being run by the CEO, Phil Mulacek, and handed control of it to a board committee chaired by the CFO.
But the message from the InterOil camp is that the board – chaired by Mulacek – is already closely involved in the partnering process, which is heading towards a resolution in the coming weeks in a manner that will satisfy the government’s concerns.
The InterOil camp is sticking with the line that the deal with a partner will involve “an interest” in the gas fields.
Meanwhile, when the Post- Courier forwarded a copy of this information to InterOil and Shell for comments and confirmation respectively, neither responded.

Now, now Tree. You must learn to forgive and forget. Doesn’t it say in the bible to open your other wallet? Or is it turn to your other banker? Well something like that

Moose

Now, now Tree. You must learn to forgive and forget. Doesn’t it say in the bible to open your other wallet? Or is it turn to your other banker? Well something like that

Moose

Moose, I don't think Tree can forgive and forget.  You may not have heard that Tree once actually scored a zero for mercy/compassion on a spiritual gifts tests.  I still chuckle when I think about that.   I admire his honesty in answering the questions.

'Tree' pid='7396' datel Wrote:

Shell better bring their big boy debit card if they want my vote.  They don't have Duma anymore so it's mano y mano.  I so hope XOM is our prl15 buddy with JKM and Shell is off-shore somewhere.

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...three prospecting liscences off shore.   Really?

Business

Wednesday 23rd May, 2012

Royal Dutch Shell closes in on gas reserves

OIL major Royal Dutch Shell is edging closer to achieving its long-held ambition to capture an advantageous gas reserves position in Papua New Guinea, after the latest twist in the tale of InterOil's planned liquefied natural gas project here.
A recent move by the PNG department of petroleum to terminate a late-2009 government accord with InterOil for the project has shaken the US listed company’s plans to the core.
InterOil is challenging the department's right to do away with the project agreement, a crucial framework for the development of its planned venture, which would tap its Elk and Antelope gas fields. It reckons it can find a way of dealing with the government’s concerns, which centre on the fragmented nature of the project, including both onshore and floating LNG plants.
InterOil’s advisers, UBS, Morgan Stanley and Macquarie Capital, have for some months been seeking a major LNG operator to partner on the project. But now they are understood to be indicating to interested parties that all of InterOil’s holding in the gas fields is on offer, not just a partner stake.
That would no doubt suit Shell, which may be reluctant to take a minority role alongside InterOil.
Talk in the market is that the termination letter was the last straw for InterOil's board, which has lost patience with the sale process being run by the CEO, Phil Mulacek, and handed control of it to a board committee chaired by the CFO.
But the message from the InterOil camp is that the board – chaired by Mulacek – is already closely involved in the partnering process, which is heading towards a resolution in the coming weeks in a manner that will satisfy the government’s concerns.
The InterOil camp is sticking with the line that the deal with a partner will involve “an interest” in the gas fields.
Meanwhile, when the Post- Courier forwarded a copy of this information to InterOil and Shell for comments and confirmation respectively, neither responded.

7/26/12  LONDON-- Royal Dutch Shell PLC (RDSB.LN) is in talks with liquefied natural gas producer InterOil Corp. (IOC) that could lead to the Anglo-Dutch energy giant buying into the U.S. firm's Papua New Guinea exploration license areas, Shell's two most senior executives said Thursday, although neither was prepared to be drawn on where discussions may lead. "We have been in talks with InterOil and other interested parties, but we can't say where [they are] going," said Chief Financial Officer Simon Henry . Papua New Guinea -focused InterOil holds three prospecting licenses offshore the south-east Asian island nation, where early appraisal drilling has revealed vast natural gas reservoirs are located. The firm also plans to build a 9 million metric ton a year LNG terminal in Papua New Guinea but will need partners to help cover some of the estimated $6 billion required to build a two-train processing plant. It is currently soliciting interest in the sale of a 25% stake in the LNG project. Shell Chief Executive Peter Voser skirted a question on whether Shell was preparing a takeover bid for the Houston, Texas -based firm. Shell recently pulled out of a bidding war for Mozambique -focused prospector Cove Energy PLC ( COV), citing the high cost of the acquistion relative to other growth opportunities within its existing business. "It's an interesting play there," said Mr. Voser. "We have talked to the government, we are looking at it," said Mr. Voser, adding that any decision on investing in Papua New Guinea would have to be framed against its wider portfolio. "At the end, it will be profitability driven. It will be: Can we do a project in a safe and reliable way, and will it deliver the performance? I think to answer that question, it is too early for that," said Mr. Voser.