07-06-2012, 09:36 PM
From the May 2012 PNG Biz Advantage International.
Covers all sectors and addresses infrastructure shortfalls as large impediment. More than an LNG development, nation building needs to happen in Gulf Province if there is to be Gulf Production facilities. Recent announcements of major funding of highway and ports (many within ennerOle's Gulf Province) forecast development where now there is none. Check out the page 36 pic of PM docks and the new heavy lift cranes. It almost looks civilized.
http://www.businessadvantageinternationa...s/png.html
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Giants move in:
In a major vote of confidence, the world’s largest oil company, Royal Dutch Shell, recently signed a deal with PNG’s state resources company Petromin as part of a plan to deal itself into the booming gas sector. Shell has not said what its specific aims are but is studying the potential of all the major hydrocarbon basins in PNG.
The Gulf LNG project (formerly Liquid Niugini Gas) currently being driven by New York-based InterOil is a potential second LNG project for PNG. Korea Gas (Kogas, the world’s largest gas importer) is a powerful addition to the InterOil camp and is putting together a consortium involving Japanese trading company Mitsui and Japan Petroleum Exploration. InterOil wants equity partners in a $US6 billion LNG production plant, which will liquefy natural gas for export, and is also interested in selling stakes in the Elk and Antelope Gulf Province gas discoveries that will fuel the plant. Mitsui and Kogas initially planned to deal separately with InterOil but the strength of the Asian gas market appears
to have encouraged them to join forces so prices would not be pushed unnecessarily high.
Gulf LNG is targeting five million tonnes of LNG production in 2014 with three million tonnes coming from an onshore facility and a million tonnes from a floating plant. Ultimately, production is slated to be 7.6 million tonnes a year at the planned Gulf of Papua production facilities.
In another high-profile move, Japanese giant Mitsubishi has signed a $US280 million farm-in deal with Talisman Energy to develop gas fields in Western Province. The deal will give Mitsubishi a stake of around 20% in an investment covering nine exploration licence areas, leaving Canadian-based Talisman with 40% and the rest of the project with other joint venture partners including Horizon Oil, New Guinea Energy and Kina Petroleum.
Oil and gas drilling is continuing apace outside the three major LNG project areas. At least 10 miners are exploring offshore, and Toronto-listed Eaglewood Energy has hit gas in a drill hole in Western Province. There’s still plenty of untapped potential for the industry, with PNG having an estimated 22.6 trillion cubic feet of gas reserves and more gas and oil being discovered each year.
Covers all sectors and addresses infrastructure shortfalls as large impediment. More than an LNG development, nation building needs to happen in Gulf Province if there is to be Gulf Production facilities. Recent announcements of major funding of highway and ports (many within ennerOle's Gulf Province) forecast development where now there is none. Check out the page 36 pic of PM docks and the new heavy lift cranes. It almost looks civilized.
http://www.businessadvantageinternationa...s/png.html
**********
Giants move in:
In a major vote of confidence, the world’s largest oil company, Royal Dutch Shell, recently signed a deal with PNG’s state resources company Petromin as part of a plan to deal itself into the booming gas sector. Shell has not said what its specific aims are but is studying the potential of all the major hydrocarbon basins in PNG.
The Gulf LNG project (formerly Liquid Niugini Gas) currently being driven by New York-based InterOil is a potential second LNG project for PNG. Korea Gas (Kogas, the world’s largest gas importer) is a powerful addition to the InterOil camp and is putting together a consortium involving Japanese trading company Mitsui and Japan Petroleum Exploration. InterOil wants equity partners in a $US6 billion LNG production plant, which will liquefy natural gas for export, and is also interested in selling stakes in the Elk and Antelope Gulf Province gas discoveries that will fuel the plant. Mitsui and Kogas initially planned to deal separately with InterOil but the strength of the Asian gas market appears
to have encouraged them to join forces so prices would not be pushed unnecessarily high.
Gulf LNG is targeting five million tonnes of LNG production in 2014 with three million tonnes coming from an onshore facility and a million tonnes from a floating plant. Ultimately, production is slated to be 7.6 million tonnes a year at the planned Gulf of Papua production facilities.
In another high-profile move, Japanese giant Mitsubishi has signed a $US280 million farm-in deal with Talisman Energy to develop gas fields in Western Province. The deal will give Mitsubishi a stake of around 20% in an investment covering nine exploration licence areas, leaving Canadian-based Talisman with 40% and the rest of the project with other joint venture partners including Horizon Oil, New Guinea Energy and Kina Petroleum.
Oil and gas drilling is continuing apace outside the three major LNG project areas. At least 10 miners are exploring offshore, and Toronto-listed Eaglewood Energy has hit gas in a drill hole in Western Province. There’s still plenty of untapped potential for the industry, with PNG having an estimated 22.6 trillion cubic feet of gas reserves and more gas and oil being discovered each year.
