'petrengr1' pid='23047' datel Wrote:Tree- If you are correct about this just being about selling gas to Exxon how do you explain the part of the PR that says "selling ExxonMobil Papua New Guinea Ltd. an interest in PRL 15"? That makes it sound like what they have been saying about the sell down of PRL 15. Sounds like they will actually own a part of PRL 15. If they are buying enough of PRL 15 to load a train that could be as much as 50% or 27 1/2% if they are including the Gov't 22.5%. If they are just buying the gas from the PRL 15 owners this looks like very poor wording in the PR. What do you think? Or if it means they (Exxon) will be involved further as part of the sell down process how can they say that without violating the CA? Appreciate your thoughts.
Yes Pet, I didn't make it very clear with my statement above:
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It appears XOM will pay for the PRL development as partial consideration to their SD stake |
My view is XOM is negotiating 'exclusively' for both a SD stake in the PRL 15 and the essentially a feed stock OT. That gives XOM upstream ownership in PRL15, likely operatorship or input. IOC may end with ~30% PRL ownership. XOM needs 4 Ts at least and that would put their PRL 15 stake ~50%+- depending on how much more they find within the PRL. I'm quite sure that further SDs of PRL 15 and 237 and the soon to be declared T-2 PRL will be what feeds the Gulf LNG plant. Partners in that not yet in 'exclusive' negotiations.
My 2 cents is the XOM/IOC deal 'is done' and much much further advanced than the PR.