Thanks, ArtM72, for breaking the Palmer gas story here. I think it deserves it's own thread:
Aussie businessman and wanna-be prime minister Clive Palmer today said his company had "discovered" via 3D seismics a $35-billion gas deposit 12 km (7 miles) off the coast of Port Moresby that could be the biggest in the world.
He claimed. ""This is a very large deposit, I think there's more potential gas there than there is in Kuwait." Palmer added, "I just want to sell it."
Palmer gave no other numbers. He sounds like a billionaire blowhard who wants political power. Making grandiose pronouncements like this would fit.

http://www.brisbanetimes.com.au/business/clive-palmer-announces-petroleum-deposit-discovery-off-papua-new-guinea-20130821-2satg.html

'Palm' pid='27783' datel Wrote:Clive live large; that's for sure. He's been trying to partner with Chinese companies on PNG licenses for years, but as Pet and others have said many times, petroleum isn't worth market prices because it shows up on seismics. IOC thinks Wahoo holds lots of promise, but try and sell it for market and see what you get. I don't see in the article how many Ts he's claiming to have, but it must be bigger than Arun on his screens. Hey Clive, I think the way the markets are going and with what IOC has on its screens it might be worth $35 billion in 5 years. Want to buy it for that today?

I want a piece of that action.  Anyone got a stock symbol?

No such luck, Optionray. It's all Clive's:

Per Wikipedia, "Mineralogy is a mining company owned by Clive Palmer of Queensland, Australia. Mineralogy's mining projects are not in production or generating income.

"A subsidary of Mineralogy is the privately owned Chinampa Exploration, which owns offshore exploration licences in the Gulf of Papua that covers more than 43,000 km².

"The company has recorded a loss in the three financial years from 2008 to 2011 and as a result paid no taxes during that period."

Yep, "biggest ______ in the world" for sure. <g>

'calaban48' pid='27787' datel Wrote:

No such luck, Optionray. It's all Clive's:

Per Wikipedia, "Mineralogy is a mining company owned by Clive Palmer of Queensland, Australia. Mineralogy's mining projects are not in production or generating income.

"A subsidary of Mineralogy is the privately owned Chinampa Exploration, which owns offshore exploration licences in the Gulf of Papua that covers more than 43,000 km².

"The company has recorded a loss in the three financial years from 2008 to 2011 and as a result paid no taxes during that period."

Yep, "biggest ______ in the world" for sure. <g>

We'll that's too bad.  Guess I'll continue to invest in the 2nd largest in the world.  Thanks for the info!

'calaban48' pid='27782' datel Wrote:

Thanks, ArtM72, for breaking the Palmer gas story here. I think it deserves it's own thread:
Aussie businessman and wanna-be prime minister Clive Palmer today said his company had "discovered" via 3D seismics a $35-billion gas deposit 12 km (7 miles) off the coast of Port Moresby that could be the biggest in the world.
He claimed. ""This is a very large deposit, I think there's more potential gas there than there is in Kuwait." Palmer added, "I just want to sell it."
Palmer gave no other numbers. He sounds like a billionaire blowhard who wants political power. Making grandiose pronouncements like this would fit.

http://www.brisbanetimes.com.au/business/clive-palmer-announces-petroleum-deposit-discovery-off-papua-new-guinea-20130821-2satg.html

Clive Palmer - We have heard from him before. You can search Yazoo for “Chinampa Exploration” to see what has been written before about these offshore prospects.

Here is a brief description of the prospects:
http://www.mzcan.com/projects/Resourcehouse/tc/pdf/annualreport2010.pdf page 24

These prospects are apparently sandstone and they lie in about 5,000 feet of water. Since they are offshore he can get 3D seismic but even this does not guarantee the presence of hydrocarbons (gas). OilSearch is now drilling their 3D seismic sandstone prospects and we see how that has turned out. (Still waiting on the third well)

Who are Palmer’s friends? Among others China, Shell and Mr. Duma.

He has already tried to peddle these licenses to Exxon and Shell to get the 3D seismic done.
http://royaldutchshellplc.com/2006/06/19/reuters-shell-says-joins-png-offshore-exploration-blocs/
http://lngwatchpng.blogspot.com/2012/02/papua-new-guinea-or-papua-new-palmer.html

He finally went ahead and contracted for the seismic himself. Now he is back peddling this stuff again.

He can say he can do this development himself but I think the drilling in 5,000 feet of water will require the expertise of a Super major. The Government will probably require this for their own safety. If these prospects ever get drilled it will be several years in the future. The drilling will be very expensive and the development even more so. At present there is no LNG plant and no market. So to get this going they will have to drill a well to prove the presence of gas and then see if the quantity is sufficient to justify the development cost and the LNG plant. He has been trying to farm out these prospects at least since 2006 and probably before. He does NOT have a discovery until he drills a well to prove the presence of gas.