From the National

[jft310]

Smeltman from several others threads you may have missed
1, 2 or 3 expansion trains for PNG LNG? Gulf LNG 4Mtpa start? Guess that depends on those delineation wells in PRL15. I get the feeling that IOC/XOM and others believe there is much more than 10 T's between PRL15 and TRI. Maybe an official comment by Rex this week.


Exxon Mobil Corporation Annual Shareholder Meeting
Wednesday, May 29, 2013 9:00 a.m. CT
Location Morton H. Meyerson Symphony Center
2301 Flora Street
Dallas, TX US

Whoa there Cowboy... I think some folks shoud start getting out the pencils and figure out how much gas you need to run three trains for 30-50 years.
Gosh... maybe its those wispers people have been hearing the last two years. Estamates of PNG Gas Resources are woefully wrong.
Try on some boots with room for 60 TCF.
Also... nice mention of Exxon and Total. Did I leave anybody out?
Toot Toot
BRISBANE | Mon May 27, 2013 4:36am BST
May 27 (Reuters) - Exxon Mobil's talks with Interoil to develop the Elk and Antelope fields could lead to an expansion of its $19 billion Papua New Guinea liquefied natural gas (PNG LNG) project, an Exxon executive said on Monday.
The company did not have a timeline for when a deal could be finalised, but Mark Nolan, Exxon Mobil vice president for development in the Middle East and Africa, signaled it may be soon.
"The expansion opportunities look attractive to us, so I wouldn't expect we'd wait too long," Nolan said, speaking to reporters at an industry conference."
Yes, please.

[ioccyclist]

Very interesting that O'Neill does not mention Shell.   Looks like a proper investment is required to be in this elite club.

Not surprising that O'Neill favors a path for E/A that provides quickest revenues for the PNG Government and its people.  Similar theme will likely be in play on future IOC projects.

Which approach provides fastest revenue to the government with IOC's mighty resources?  More trains with PNG.  Which approach is fastest if IOC excercises its optionality? Hmmm ... time will tell.

[Petro2458]

No way IOC announces this without some assurances or binding bids in hand...

[jft310]

Petro-An Exxon BOD approval would do that. The Exxon BOD mets this week. Exxon AGM meeting is Wed. Is this the Exxon BOD meeting where they announce a deal with IOC??A SR Exxon employee said soon today. IOC mgt said soon. How do we define soon??

[Movieguy]

Petro-An Exxon BOD approval would do that. The Exxon BOD mets this week. Exxon AGM meeting is Wed. Is this the Exxon BOD meeting where they announce a deal with IOC??A SR Exxon employee said soon today. IOC mgt said soon. How do we define soon??

I like the pieces you are putting together, but do you really think IOC would allow the biggest deal in its existence to be announced by Exxon, for which this deal is just one of many?

[Petro2458]

I'm suggesting there is no way IOC makes the announcement they made last Friday without assurances or some sort of binding commitment from Exxon Mobil. I believe that the company negotiations had reached a stage where it was necessary to involve the government and we all know when that happens its very difficult to maintain a confidential process. So...we enter "exclusive negotiation" stage which in my view is code for the companies have agreed...but we now need assurances from PNG.

Exxon has a shareholder meeting this week...but perhaps or perhaps not a BoD meeting.

Not sure how to read this or estimate timing as it relates to the 60-day comment from PM...I believe this is a just a political deadline. And I would expect IOC and XOM to have agreements long before 60 days...just my 2 cents.

[jft310]

Petro- got ya and thanks for the clarification.