SM partner prefers to do it themselves. Mitsui was 1 of several funding options for CSP.  Deal clarity coming.

Mitsui’s condensate dreams end: exclusive

Blair Price Monday, 13 May 2013 AFTER three years and around $US12 million of investment, Mitsui & Co has abandoned its condensate stripping plant project based on InterOil’s Elk-Antelope discoveries in Papua New Guinea. The Japanese conglomerate was previously considered to still be working on the project, which was first announced in April 2010, despite InterOil’s ongoing process to bring in a suitable world class LNG operator for its Gulf LNG project’s Elk-Antelope field.  In March InterOil chief financial officer Collin Visaggio told PNGIndustryNews.net that Mitsui was “working with us on the condensate stripping facilities required for the Gulf LNG project and awaiting the partner outcome”. According to recent industry buzz, Mitsui cancelled its CSP agreement with InterOil.  When asked for confirmation, Visaggio was more diplomatic.  “The CSP agreements with Mitsui have lapsed,” he told PNGIndustryNews.nettoday.  According to InterOil’s December quarter report, Mitsui had lent InterOil at least $11.9 million for CSP project development. Various reports indicate that at least three supermajors have made bids for an operating stake of the Elk-Antelope field, while there could be bids for smaller stakes from other notable players.

'Palm' pid='22258' datel Wrote:This likely means the consortium of JKM has dropped out. From early on we heard that JKM wanted to combine to be able to keep bidding low. And the government has consistently said they lacked a credible operator. I believe the last report we had was that the Mitsui agreement went to June 30 which was same as EWC. Higher bid than JKM wanted to match must be on table and the desire to do own CSP. CSPs not rocket science. Hopefully we get more color on this today. That's a major development.

Didn't MITSI CSP agreement placed a value on E/A of approx $22 billion in 2010? That was for a stake in the entire project -  upstream, CSP and LNG plant.  JAPEX/KOGAS coud well be in upstream and OTs still.  This isn't a Dutch Auction this is like Barret Jackson.  Hang on kids!

'Palm' pid='22261' dateline='<a href="tel:1368442 Wrote:It's amazing how quickly a CSP can be built and operating. There is a NG/oil boom in PA and OH. In Ohio there is a CSP plus others plants being built called the Scio plant. They broke ground last fall and it is supposed to be operating next month. 200 million cubic feet and easily expandable to 400 million cf. This includes all pipelines etc. Pretty quick turnaround on these things.

And IOC now owns all design/engineering  plans of the Mitsi designed CSP.  Assuming Collins comments are accurate and Mitsi is out this may mean that as bidders are voted off their CA is cancelled.  Otherwise we would expect 'cannot comment about ongoing process' comments.

'jft310' pid='22265' datel Wrote:$12 million

Wasn't the $12 million IOC's share, with Mitsui's share costs to be reimbursed in the event FID not achieved?