PNGLNG ships 100th cargo has 9 TCFE

[jft310]

Share on facebookShare on twitterShare on linkedinShare on google_plusone_shareShare on print

PORT MORESBY, Papua New Guinea -- The 100th cargo of LNG from the PNG LNG project, operated by Exxon Mobil PNG Limited, set sail this weekend, just over one year on from the start of export operations.

The LNG carrier Methane Spirit, will be transporting the cargo bound for Japan for Tokyo Electric Power Company Inc.(Tepco), the same customer who received the first cargo in May 2014.

More than 7 million tonnes of LNG have been exported since the project commenced production in April 2014.

Exxon Mobil PNG Limited Managing Director, Andrew Barry, said this milestone further underpinned PNG LNG’s reputation as a reliable producer of gas.

“Since export operations began an LNG carrier has been loaded on average every 3-4 days with continuous operational excellence. This achievement is the result of an excellent performance delivered by world class facilities and an exceptional workforce,” Barry said.

The project is expected to produce more than 9 Tcf of gas over the estimated 30 years of operations.

Built in 2008, the Methane Spirit is 286 m long

[jft310]

If one uses PET's estimate of 10 T's for Antelope and uses Interiol's internal A/S estimate which is 5 TCFE we have 15 T's available for an LNG plant using only PRL 15 gas . Appears we need more capacity larger trains like UBS examples or more trains or both . For those that think 12 TCFE please add in your estimate of A/S with the understanding that the Interoil estimate is from a certified reservoir engineer who works for Interoil. That's 17 T's available for an LNG build .
The BIG money is the future cash flow from the LNG plant .With an FID analysts will use discounted cash flow models for all the gas to be produced. Then we have the condensates and the chemicals .

[jft310]

Larger than Arun's 14 TCFE which was 50 percent of Mobil oil profits for over 20 years and later bought be Exxon. Don't you think Mobil did it right find the gas , develop the assets , work out all the bugs and wait till someone must have your cash flow .
This is just PRL15 and its huge and thus the Prime Minister's talk of synergies with a third Super Major and a possible sale of Wahoo to Exxon .

[jft310]

Negatives one well at A/S will not prove up 5 TCFE but it sure would help with a third or fourth train .

[Spartina]

If A/S does not prove up the 5 T's, what are the chances that the already discovered finds @ raptor, Bobcat, and Triceratops can't make up the difference? Plus we will get paid more up front for them as they are outside of PRL 15.

[jft310]

Odds seem pretty good through my eyes. Most interesting thing to me was the fact Interoil hired its own certified reservoir engineer . Not bank lendable but still a solid opinion that's needs confirmation .

[Stavros]

One comment by XOM in the article stands out to me JFT:

"Since export operations began an LNG carrier has been loaded on average every 3-4 days with continuous operational excellence. This achievement is the result of an excellent performance delivered by world class facilities and an exceptional workforce,” Barry said

TOTAL cannot say that about their on-again off-again operation at Balhaf Yemen. It's also very unlikely that Yamal in Russia will be able to run 24/7 (IF indeed it's ever built).

TOTAL needs the E/A-sourced LNG Plant on-stream as soon as possible; and as large as possible.

[jft310]

Stavros makes sense . Which Total LNG plant was built in 3 years and what was their size .??I think it was Yemen without looking it up ,

[Tree]

 a single shipment costs between US$50 million (K119.1m) to US$60m (K143.9m).

[jft310]

Tree are you saying each cargo is very profitable ??