Interoil ships 100th shipment from refinery

[Palm]

More positive press for IOC. What a difference since they and PNG have really focused on getting things done. Proper channels give better reception. Note where this shipment of crude came from.

InterOil records 100th shipment

By ANCILLA WRAKUALE

THE energy backbone of PNG, the InterOil Napa Napa refinery outside Port Moresby, has recorded their 100th crude shipment over the weekend since its operation nine years ago.

What made it even more significant was the crude oil was PNG’s very own from Kutubu in Southern Highlands Province.

The 650,000 barrels of crude oil was piped from Kutubu to the Kumul Terminal in Gulf Province and later shipped to Napa Napa in Port Moresby for processing and distribution.

InterOil refinery planner Mr Andy Castillo said the 100th crude shipment represented a huge milestone for InterOil.

“The first crude shipment to InterOil’s Napa Napa refinery was in July 2004 and this one was the 100th shipment”, Castillo said.

Mr Castillo said the discharging of the cargo from the vessel to the refinery is always witnessed by an independent surveyor, Intertek, a service contractor who does the laboratory and inspection services.

InterOil gets its crude oil supply from Kutubu and sometimes imports it from overseas.

Mr Castillo said last year most of their supply came from Australia, Middle East and West Africa.

He said the purchase of crude is really dependent on availability and profitability.

Mr Castillo also said that the company also achieved another milestone last month when they recorded 5 million man hours without lost time incidents at the refinery.

Mr Castillo said the refinery will get another 650,000 barrels of crude from Kutubu next month.

Napa Napa is the sole refinery of hydrocarbons in PNG and has the capacity to produce 36,000 barrels per day, sufficient to meet the country’s domestic demands for refined products including jet fuel, diesel and gasoline.

The surplus production is exported to other countries like Australia and China. InterOil also noted that a significant growth in mining industry has led to demand in middle distillates.

http://www.postcourier.com.pg/20130211/mohome.htm

[Tree]

..."Mr Castillo said the refinery will get another 650,000 bbl of crude from Kutubu next month."...

Huh Duck,

ennerOle has received about 11 loads/yr for 9 yrs to get to #100.  Cost of crude of 650,000 bbl at $100bbl = $65 mill/month, $780 mill/yr.

Looks like Phil's refinery can handle about a mill bbl/yr.   Gee, if Phil can find some oil to go with all the coming condensates we could be talking serious cash-flow and that is as good as money.

[Palm]

"THE energy backbone of PNG"; love the sound of that. A few more "bones" will be cast about by the end of the month, then Phil and the BOD will get the big end of the wishbone for shareholders.

Amazing they could bring in 100 shipments of crude since they started the refinery and they also were able to handle all of those shipments of pre-refined product that B&E accused IOC of bringing in. Pretty versatile those Ennerole boys; took all of those shipments and turned them into money; and THAT'S as good as cash.

[Palm]

And more kudos from The National; the bashing has disappeared.

Milestone for InterOil

Source: 

The National,Monday 11th of February, 2013

By EMMANUEL MAIPE

INTEROIL marked its 100th crude oil shipment at the Napa Napa Oil Refinery on the back of a good safety record since its establishment in 2004.

The achievement came as a milestone for InterOil as there were no accidents or oil spills over the past nine years, underscoring the safe operation by the company, the Fairfax Harbour, tugs and pilot boats.

InterOil refinery planner Andy Castillo said the unloading of the 650,000-barrel volume of crude oil from Kutubu last Sunday marked the milestone.

“Most crude oil comes from the Australia, the Middle East and from the country but crude oil from Kutubu marked the hundredth shipment,” he said.

“The refinery gets 600,000 to 650,000 barrels purchased within a month by countries, depending on availability and price.”

The oil is pumped off ships to tanks and later transferred to processing units to convert to products such as jet fuel, diesel and gasoline, tested for quality and then shipped out to distributors.

InterOil is a vertically integrated oil and gas company with its principal assets based in Papua New Guinea.

It owns assets and operates through three business segments, the upstream where exploration and production takes place, the midstream where refining is done downstream where  distribution of fuel products takes place.

The company distributes fuel products to 50 retail sites, eight seaboard terminals, two inland ports and 11 aviation facilities in the country.

http://www.thenational.com.pg/?q=node/45291

[Spartina]

Agree Palm complete change in the tone from these newspapers.