05-01-2013, 05:51 AM
Not out of the question for Total and Exxon to enter into a partnership; they did it in Poland back in 2011 in a shale operation. Total obviously has some big plans for PNG as they expressed to O'Neill last week. Exxon needs gas; they have a project. The old plan of accelerating revenues by getting the CSPs up and running would be able to play out. Get the CSP(s) built, barge condensates to the refinery and pipe gas to XOM's plant through their pipeline. Develop Gulf Province as a whole and Total is anchor for LNG plant(s) in Gulf. O'Neill mught even make that a requirement for Total to get in. In that case IOC probably sells off more of upstream. Shell will not be silent in the deal, and could be offering to partner with IOC with the approx 30% buyin. Then we still have JKM with a contractor operator, but they have to be willing to pony up.