Why not give an example of one in PNG? Here's the Exxon PR from when they signed their JVOA. All partners included, etc. Can IOC's be far behind?
14 March 2008
PNG LNG Project
Joint Operating Agreement Signed
& Economic Impact Study Released
PORT MORESBY – Esso Highlands Limited, an Exxon Mobil Corporation subsidiary,
as Operator of the PNG LNG Project (ExxonMobil), today announced that the joint
venture participants have formally signed and executed a Joint Operating Agreement
(JOA).
The PNG LNG Project proposes to commercialize the Hides, Angore and Juha fields
and the associated gas resources in the currently operating oil fields of Kutubu,
Agogo, Gobe and Moran in the Southern Highlands and Western Provinces of PNG.
The gas will be treated at a gas conditioning plant at Hides then transported via
pipeline to a 6.3 million tonne per annum LNG liquefaction and storage facility
proposed to be located 20km north-west of Port Moresby on the Gulf of Papua.
The LNG will be jointly marketed with operator, ExxonMobil leading the marketing
activity as the Marketing Representative on behalf of the joint venture.
The Project has been set up as an integrated venture. The JOA provides formal
governance for the venture and incorporates all components including upstream, gas
transportation pipeline, and liquefaction. It also sets out the unitization principles with
current participating interests of:
ExxonMobil (Esso Highlands Limited as Operator) 41.6%
Oil Search 34.1%
Santos 17.7%
AGL 3.6%
Nippon Oil 1.8%
Landowner Interests 1.2%
*Note: Interests will change when the PNG State nominees join as equity participants at a later date.
“ExxonMobil is pleased to have the JOA executed as it is an important step in the
progression of the Project. Our focus now turns to resolving the fiscal terms and
related matters with the PNG State which are critical for the Project to enter the
FEED phase,” said Mr. Al Hirshberg, Vice President, ExxonMobil Development
Company.
Esso Highlands Ltd
Level 5, Credit Haus
Cuthbertson Street
Port Moresby, PNG
+675 322 2111 Telephone
- 2 –
The PNG LNG Project also today released the ACIL Tasman “PNG LNG Economic
Impact Study”. The study was commissioned from independent economic
consultants, ACIL Tasman, to assist the Project and the PNG Government to
understand and plan for the significant economic impact on PNG, should the Project
proceed.
The ACIL Tasman study predicts potential economic benefits for PNG including a
doubling of Gross Domestic Product (GDP) and direct employment (local and
expatriate) during the initial construction phase of more than 7,500 jobs, with
approximately 850 maintained during production operations.
“We have provided the ACIL Tasman report to the Government of PNG and will be
working with Government and the community to ensure that PNG gains long term,
sustainable benefits from the Project. The use of local content including the training
and development of a local workforce & suppliers will be a strong focus for the
project,” said Mr. Hirshberg.
The ACIL Tasman “PNG LNG Economic Impact Study” is available online at
www.exxonmobil.com.au. Hard copies are available from Esso Highlands (contact
details below).
http://www.pnglng.com/media/pdfs/media_releases/media_release_080314_joint_oparating_agreement.pdf