Hard to figure what this means other than yet another State caused delay in getting this project moving forward. I had thought Petromin had a considerably larger portfolio than E/A, Tolukuma and 0.2% in PNG LNG. Oh, and Nautilus.
Going back to their website news release area http://www.petrominpng.com.pg/news.html reveals that site hasn't been updated since 2010. OK, lots of companies get behind on their web presence. Looking at the Petromin history link suggests Petromin was a company given the opportunity to make something of itself and failed to get anything done. Missing from that history was Petromin obligating the government to pay Nautilus $25 million for sunk costs in that mining debacle.
I wonder if Petromin's attempt at relevance was the idea to acquire that additional 27.5%, but without a better mechanism to pay for it than the blackmail of IOC. Just could be that O'Neil came to the conclusion Petromin had only the capacity to get in the way of E/A development and thus had to go.
The image comes to mind of Phil and company climbing up a steep, dry hill of sand.
Going back to their website news release area http://www.petrominpng.com.pg/news.html reveals that site hasn't been updated since 2010. OK, lots of companies get behind on their web presence. Looking at the Petromin history link suggests Petromin was a company given the opportunity to make something of itself and failed to get anything done. Missing from that history was Petromin obligating the government to pay Nautilus $25 million for sunk costs in that mining debacle.
I wonder if Petromin's attempt at relevance was the idea to acquire that additional 27.5%, but without a better mechanism to pay for it than the blackmail of IOC. Just could be that O'Neil came to the conclusion Petromin had only the capacity to get in the way of E/A development and thus had to go.
The image comes to mind of Phil and company climbing up a steep, dry hill of sand.