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+--- Thread: Pandora's Box open? (/showthread.php?tid=1359)
Pandora's Box open? - ValueSleuth - 08-17-2012
This was posted on Yahoo recently.
If true, pandora's box has been opened, including consideration of EWC/FLEX LNG program.
VS
The government yesterday explained its position on the second LNG project, operated by InterOil Corporation.
Minister for Petroleum and Energy, Mr William Duma said the Governnment has suspended the notice of intent it issued to terminate the Gulf LNG project agreement.
“On 31 May 2012, Minister Duma, the Minister for Petroleum and Energy, issued a press statement relating to the notice of intent to terminate that was issued by the State on 11 May 2012 under the terms of a project agreement that had been entered into between the Independent State of Papua New Guinea and Liquid Niugini Gas Limited ("LNGL"
, an affiliate of InterOil Corporation on 23 December 2009.
“The Intent Notice was issued as a consequence of the State’s desire to ensure that the LNGL project (which uses gas from the Elk / Antelope Gas Fields) was developed in a manner which was consistent with the Project Agreement and with State’s strategy of maximising the long term financial and developmental impact of the petroleum sector on the economy of the Independent State of Papua New Guinea.
“The Intent Notice triggered a six month consultation period between the State and LNGL in relation to actions to be taken by LNGL to ensure that the LNGL project is developed in the manner the parties had already agreed,” Mr Duma said.
Minister Duma said since issuing the Intent Notice, representatives of the Department of Petroleum and Energy, the Department of Treasury and the Department of Justice have had a number of constructive meetings with representatives of InterOil and LNGL.
He said these discussions have now reached a stage where the State has agreed a basis for suspending the Intent Notice, in order for representatives of the relevant Departments to fully brief the Prime Minister and the members of the National Executive Council (the "NEC" on the progress that has been made since the NEC last considered the LNGL project.
he said accordingly, the State has agreed to suspend the Intent Notice until the NEC has considered the status of the LNGL project.
Mr Duma outlined that the State's objective has been and continues to be to ensure that:
1. the LNGL project is developed in a way which has a positive impact on the financial position of the State and on economic and business activity of our Nation;
2. the Nation builds upon the experience and capability developed from the PNG LNG Project; and
3. the LNGL project is sequenced and structured in a responsible manner to ensure that the project is positive for our Nation and its people.
ends/....
RE: Pandora's Box open? - Petrovale - 08-17-2012
Bingo, there must be (multiple) deals in principle!
RE: Pandora's Box open? - ValueSleuth - 08-17-2012
'Petrovale' pid='8346' datel Wrote:Bingo, there must be a deal in principle!
Yes, or several deals.
FINALLY, something truly concrete and transformative.
VS
RE: Pandora's Box open? - Palm - 08-17-2012
Saw that VS; anyone have a link to be sure that it's legitimate?
RE: Pandora's Box open? - ValueSleuth - 08-17-2012
'Palm' pid='8348' datel Wrote:Saw that VS; anyone have a link to be sure that it's legitimate?
Since it is the poster's only Yahoo post, it is questionable, so far.
VS
RE: Pandora's Box open? - Palm - 08-17-2012
Agree; nothing shows when you google any of it. Doesn't mean it's fake or anything, but looks like an internal memo of some sort that is a department posting or something that the National or Post Courier might get as a press release. We'll get a confirmation before long if it's legit.
RE: Pandora's Box open? - jft310 - 08-17-2012
'Palm' pid='8353' datel Wrote:Agree; nothing shows when you google any of it. Doesn't mean it's fake or anything, but looks like an internal memo of some sort that is a department posting or something that the National or Post Courier might get as a press release. We'll get a confirmation before long if it's legit.
Its very real. Report was read on the telephone and transcribed. Very good source.
RE: Pandora's Box open? - Tree - 08-17-2012
Makes sense. Sir Rabbie has been lining up MPs in NEC, bidders are on island, IOC met with Duma and O'Neill the last 36 hrs, Henry on island, Duma has twice stated a rational position toward IOC/Gulf LNG this week, Phil admitted Shell is in talks with IOC, Phil said stars were aligned for the first time ever finally, green flag had dropped.
Let's get a little news report on this and a mention that NEC is discussing Gulf/LNG in their first seating next Tuesday.
RE: Pandora's Box open? - Palm - 08-17-2012
Assuming this is good info it means that extensive talks have taken place in the last couple of days and much clarity has been obtained. My guess is that bidders wanted a statement that this project is not in jeopardy of being cancelled and that as long as financially and functionally it meets the structure of the PA it's a go.
RE: Pandora's Box open? - efi426hemi - 08-17-2012
'ValueSleuth' pid='8345' datel Wrote:This was posted on Yahoo recently.
If true, pandora's box has been opened, including consideration of EWC/FLEX LNG program.
VS
Hey VS,
I believe a friend of mine, who attended the AGM, recently asked a member of the executive if it was possible for EWC/FLEX to be back in the picture with the improved situation with the government. The answer was no, they are too far down the path with the selldown. I won't discount some form of modular/floater at Triceratops, but unlikely if they build a traditional plant on the coast as it would be much easier to tie into that existing infrastructure.
What is your rationale/source for thinking EWC/FLEX is possibly being reconsidered?