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+--- Thread: Sasol Seeks Buyer for Papua New Guinea Gas Assets. (/showthread.php?tid=3256)
Sasol Seeks Buyer for Papua New Guinea Gas Assets. - Gator - 04-05-2013
South Africa’s Sasol Ltd. once aspired to develop a gas-to-liquids project in Papua New Guinea, snapping up acreage near several large natural gas discoveries made by rivals.
That was nearly five years ago. Fast forward to now and Sasol—the world’s biggest producer of motor fuels from coal—is planning an exit from the Southeast Asian country.
Sasol’s experience in Papua New Guinea underscores the risks taken by energy companies hunting for new sources of oil and gas, even in areas where there has been success with the drillbit in the past. While seismic data shot over acreage in the country’s western forelands region looked promising, Sasol’s Awapa-1 exploration well drilled in mid-2011 came up dry.
“Sasol is considering divesting from Papua New Guinea,” Alex Anderson, a company spokesman, told The Wall Street Journal. “We are currently engaging interested parties.”
Interest among international energy companies in Papua New Guinea’s gas potential remains high, largely driven by ExxonMobil Corp. ’s $19 billion PNG LNG project, which is due to start shipping liquefied natural gas to Asian customers next year Mitsubishi Corp. and Total S.A. have each taken bold bets on Papua New Guinea within the last 18 months.
Papua New Guinea has an estimated 26 trillion cubic feet of natural gas, which could be developed for export to Asia. Much of the country is lightly explored.
At least two companies with discovered natural gas resources in Papua New Guinea are seeking to bring in a new investor by selling assets. Texas-based InterOil is working to agree the sale of part of its interest in two fields and its Gulf LNG project in Papua New Guinea, while Horizon Oil is also looking to sell down part of its natural gas assets there.
Sasol owns 41% of an exploration block known as PPL 426, with the remaining interest held by Canada’s Talisman Energy Inc. and Japan’s Mitsui & Co. It also has a majority stake in the adjacent PPL 287 block, which it’s been exploring with Talisman.
Despite the setback with the Awapa-1 well, potential buyers will note that both of Sasol’s blocks are close to the Puk Puk and Douglas gas discoveries made several years ago by Rift Oil PLC, which was subsequently bought by Talisman in 2009 for 114.8 million British pounds (US$173.2 million).
RE: Sasol Seeks Buyer for Papua New Guinea Gas Assets. - TxPm - 04-05-2013
I love how this story is listed on SA as "IOC news" and of course has comments from the regular shorts but PNG industry's story on Elk-3 with quotes from the IOC CEO isn't listed as relevant news....such garbage....
RE: Sasol Seeks Buyer for Papua New Guinea Gas Assets. - ArtM72 - 04-06-2013
'TxPm' pid='20201' datel Wrote:I love how this story is listed on SA as "IOC news" and of course has comments from the regular shorts but PNG industry's story on Elk-3 with quotes from the IOC CEO isn't listed as relevant news....such garbage....
Yet this is why it matters (from Wiki)
Description
Seeking Alpha was founded in 2004 by former Wall Street analyst, David Jackson.[1] The company reports it has distribution partnerships with MSN Money, CNBC, Yahoo Finance,MarketWatch, Nasdaq and TheStreet.[2] According to its company website Seeking Alpha selects about 250 of the 400 articles submitted daily for publication and accepts 25% of the new authors who apply.[3] Seeking Alpha reports that Nielsen Analytics found its web site to be the most widely read among investors and financial professionals.[4] The company reportedly has over 5 million unique users per month.[5]
[edit]Reception
In 2007, Seeking Alpha was the recipient of Forbes' Best of the Web Award [6][dead link] and was selected by Kiplinger's as its pick for Best Investment Informant.[7] In 2011 Seeking Alpha was listed as #1 in Inc. magazine's list of Essential Economic blogs.[8]
RE: Sasol Seeks Buyer for Papua New Guinea Gas Assets. - kerekesc - 04-06-2013
'ArtM72' pid='20202' datel Wrote:[quote='TxPm' pid='20201' dateline='1365169562'] I love how this story is listed on SA as "IOC news" and of course has comments from the regular shorts but PNG industry's story on Elk-3 with quotes from the IOC CEO isn't listed as relevant news....such garbage....
Yet this is why it matters (from Wiki)
Description
Seeking Alpha was founded in 2004 by former Wall Street analyst, David Jackson.[1] The company reports it has distribution partnerships with MSN Money, CNBC, Yahoo Finance,MarketWatch, Nasdaq and TheStreet.[2] According to its company website Seeking Alpha selects about 250 of the 400 articles submitted daily for publication and accepts 25% of the new authors who apply.[3] Seeking Alpha reports that Nielsen Analytics found its web site to be the most widely read among investors and financial professionals.[4] The company reportedly has over 5 million unique users per month.[5]
[edit]Reception
In 2007, Seeking Alpha was the recipient of Forbes' Best of the Web Award [6][dead link] and was selected by Kiplinger's as its pick for Best Investment Informant.[7] In 2011 Seeking Alpha was listed as #1 in Inc. magazine's list of Essential Economic blogs.[8]
My how times have changed!
RE: Sasol Seeks Buyer for Papua New Guinea Gas Assets. - jft310 - 04-06-2013
This to will pass. Phil will surprise them with a deal with some Super Majors and they will disappear under the rocks
RE: Sasol Seeks Buyer for Papua New Guinea Gas Assets. - Stavros - 04-07-2013
Interesting to see that Sasol decided to seek a buyer for their small investment in PNG while Talisman is quite happy to stay and even add to their holdings. Talisman is no doubt one of the "interested parties" being engaged.
Talisman (TLM) has a Market Cap of $11.93 billion . . . which will soon to be lower than IOC's NAV; we all know that TLM's NAV won't go lower which means IOC ROCKETS NOOS.
Talisman is one of the largest Canadian-based independent oil and gas producers. Talisman’s main business activities include exploration, development, production, transportation and marketing of crude oil, natural gas and natural gas liquids.
Talisman’s aggregate production for the year ended December 31, 2012 was 426 mboe/d, comprised of 27 mbbls/d of oil and liquids and 985 mmcf/d of gas from North America; 42 mbbls/d of oil and liquids and 524 mmcf/d of gas from Southeast Asia; 71 mbbls/d of oil and liquids and 31 mmcf/d of gas from the North Sea; and 22 mbbls/d of oil and liquids and 42 mmcf/d of gas from other areas. Approximately 38% of the Company’s production is liquids and 62% is natural gas (on a 6 mcf:1 bbl equivalency basis). In 2012, in Southeast Asia, approximately 42% of production was oil-linked gas. Talisman’s 2012 capital expenditures were approximately $4 billion.