Posted by a PNG Geologist named Peter:
He will deliver two long overdue issues to the watching global petroleum industry apart from other commercial issues at hand that he will navigate the company through.
InterOil Board has to be commended, they did extremely well by bringing on board Dr Hession, who’s experience in the industry, region and finance is admirable. Not only that; for me as a practicing petroleum geologist, Dr Hession is a Geologist/Geophysicist by background. That brings a very high level of confidence to the table when we are dealing with a run-away beast like Elk-Antelope Field.
I am sure; with his background Dr Hession must be very excited about the overall geoscience enigma that surrounds the Elk-Antelope Field. It is reported as a reefal/fractured carbonate play system that is set to produce at record production rates. Compounded with another set of uncertainties as it is a very rich condensate field with potential oil leg somewhere up there in Kerema country. This is the story that has been told and this is the story we know now.
But does the outside world believe and buy that story? Well Dr Hession as a very skilled petroleum geoscientist must unravel and at the same time certify the reserve numbers to quench the thirst of the world at large.
I think companies like ExxonMobil and Oil Search have now found their match in manpower edge, pitch Dr Hession and Keli Taureka together. I would say, InterOil now stands tall above Oil Search.
Dr Hession has two immediate tasks to accomplish amongst others.
Number 1: Dr Hession has to bring in reputable and recognized industry experts to properly certify the reserve and resource numbers at Elk-Antelope. That may require a few more wells? A few more seismic lines?
Number 2: InterOil Dataroom….yes the dataroom of InterOil is said to be below acceptable international standard. Why was that?...is a question past management was not able to address. Now I believe Dr Hession is the right man to make that dataroom presentable and ACCESSABLE to other interested parties like ExxonMobil and others.
Than there is the issue of Triceratop, that is another challenge that awaits Dr Hession, but I believe he has time to work that out.
Of course apart from that he has to deliver the Gulf LNG…how that is structured and presented to PNG and the world at large can take a few months or …just might take a few years.
Congratulations to InterOil Board for bring on board Dr Hession.
And to Dr Hession, PNG has long been called; “the land of the unexpected”, welcome to PNG, you shall soon find out for yourself.