The way to look at this XOM deal is in reverse. We always thought IOC/partners would get the gas to the coast for Gulf LNG and sell XOM excess feedstock as Gulf LNG ramped up. XOM's deal ensures that XOM will get the gas to the coast and Gulf LNG will benefit from the extra gas capacity. I would expect that XOM will take a stake in wells, collection pipelines, CSP and dry gas to coast. It appears IOC retains the condensates. Remember Phil's $5-$7 Mcf comment at the time EWC/Mitsui/Flex/SHI Gulf LNG had Gov't approval and IOC/Partners owned the CSP? That was not a dry gas sales price.
XOM's deal with IOC in PRL15 will ensure that the E/A field is developed and that the dry gas they require for expansion will reach the 'T' on schedule, without doubt. This also means, without doubt, that an onshore 'T' will be placed in the dry gas pipeline for feeding Gulf LNG. This XOM gas feed commitment and upstream involvement in PRL15 de-risks and finances the delivery of dry gas to Gulf LNG. A JKM/Pertamina/IOC Gulf LNG plant (or other scheme) could count on XOM/IOC upstream work to feed a plant for 30 yrs. To quote a friend "this (XOM) deal is not ok, this is a great deal"