Duma on PNG's 3rd LNG Project

[Tree]

Lookie here, Gulf LNG is being taken for granted!

**********

 

Third LNG project on the cards for PNG

On the cards: Minister for Petroleum and Energy William Duma said a Talisman-led group should have enough reserves to underpin a third LNG development

Russell Searancke

 04 December 2012 02:03 GMT

A Talisman Energy-led group is expected to have enough gas resources to underpin Papua New Guinea's third liquefied natural gas project, said PNG’s Minister for Petroleum and Energy William Duma.

Speaking at the PNG Mining and Petroleum Conference in Sydney, Duma paid tribute to Talisman and Horizon Oil who are developing the Stanley gas and condensate project for start-up in 2014, followed by the Elevala-Ketu development. Both are gas recycling schemes whereby the condensate is produced and sold and the gas reinjected for later use.

Duma said that, following on from Stanley and Elevala-Ketu, "I then expect there will be sufficient developed gas resources, aggregated within additional gas resources in licences in Western Province held by a Talisman Energy-led group, to underwrite PNG's third LNG project".

The first two are the ExxonMobil-led PNG LNG project, and the second is the planned InterOil Gulf LNG project.

Duma said he had placed no timelines on the Talisman-led development, but expected it to be of a similar scale to the planned Gulf project, which is 4 million tonnes per annum.

[Palm]

He is one handsome lad. He also today mentioned the planned formation of the Petroleum and Energy Authority in early 2013:

http://www.postcourier.com.pg/20121204/business01.htm

Duma aims to create new energy authority

Petroleum and Energy Minister William Duma said a submission has been prepared and is awaiting Cabinet’s approval to approve for the establishment of a Petroleum and Energy Authority.
In a speech to the 12 PNG Mining and Investment Conference in Sydney yesterday, Mr Duma said the submission to be presented early next year would meet the requirements of both industry and the government.
He said the Petroleum Authority would deal with issues of concern to the petroleum industry “while conserving the government’s inherent role as a guardian of conserving the future energy needs of PNG.”
Mr Duma said his department has observed the performance of the Mineral Resources Authority since its inception “and whilst some people expect us to adapt a similar model we have not automatically followed suit.”
The conference, attended by a record 1350 delegates, was told the interests of the oil industry and government “cannot always be in alignment.
“The PNG Government will not allow licensees to warehouse licensed interests and will not hesitate to refuse licence renewals to those who are not genuine.
“PNG has a favourable fiscal and licence regime in the region and for those who are not genuine, we are using the “use it or lose it” policy and will take licences away.”
Mr Duma said with the LNG Project nearing completion “PNG has on balance, met the needs of a world class petroleum industry”.

[Tusker]

Lookie here, Gulf LNG is being taken for granted!

**********

 

Third LNG project on the cards for PNG

On the cards: Minister for Petroleum and Energy William Duma said a Talisman-led group should have enough reserves to underpin a third LNG development

Russell Searancke

 04 December 2012 02:03 GMT

A Talisman Energy-led group is expected to have enough gas resources to underpin Papua New Guinea's third liquefied natural gas project, said PNG’s Minister for Petroleum and Energy William Duma.

Speaking at the PNG Mining and Petroleum Conference in Sydney, Duma paid tribute to Talisman and Horizon Oil who are developing the Stanley gas and condensate project for start-up in 2014, followed by the Elevala-Ketu development. Both are gas recycling schemes whereby the condensate is produced and sold and the gas reinjected for later use.

Duma said that, following on from Stanley and Elevala-Ketu, "I then expect there will be sufficient developed gas resources, aggregated within additional gas resources in licences in Western Province held by a Talisman Energy-led group, to underwrite PNG's third LNG project".

The first two are the ExxonMobil-led PNG LNG project, and the second is the planned InterOil Gulf LNG project.

Duma said he had placed no timelines on the Talisman-led development, but expected it to be of a similar scale to the planned Gulf project, which is 4 million tonnes per annum.

Ahhh... say its not so !! That's it... we are PNG LNG Poject #2 ... Old news already?  No more stranded gas? Never get a partner?

We're done here?

Just some forgotten LNG Hub like Trinidad?

Say it's not so.

:-(

 

[Tree]

[/quote]

Ahhh... say its not so !! That's it... we are PNG LNG Poject #2 ... Old news already?  No more stranded gas? Never get a partner?

We're done here?

Just some forgotten LNG Hub like Trinidad?

Say it's not so.

:-(

 

[/quote]

Good news Captain  Our work here won't be done until about 2018.  That's assuming all those 40 other prospects in those dozen other reefs are dusters.  If not, then Ping Ling will be referred to as ennerOle #1.

Toot Toot popp fizz fizz glub glub glub