07-17-2013, 04:43 AM
I agree with basically all of the above, including that P'nyang is not currently part of the PNG LNG project/JV. As additional infomation, the following is from the recent OSH presentation:
-PRL 3 JV (OSH 38.5%, ExxonMobil 49.0%, JX Nippon 12.5%) concept selection studies expected to be finalized in 2013
-Oil Search estimates total 2C gas resources in P'nyang field of 2.5 - 3.0 tcf
-Additional seismic in PRL 3 underway, to support potential development
-To maintain PRL 3, production development license application must be submitted to PNG Government in 2015.
The Wood MacKenzie report was great information, tree. XOM may very well use P'nyang at some point, but I think its not being part of the PNG LNG JV yet is important, and that XOM will keep its options open, with decisions at every point, including priorities and timing, based to the maximum extent possible on economics, including risk analysis and return on investment analysis. Partners will have opportunities for input; but XOM is in the driver's seat IMO, OSH is not likely to get favoritism, and I like IOC's position.
-PRL 3 JV (OSH 38.5%, ExxonMobil 49.0%, JX Nippon 12.5%) concept selection studies expected to be finalized in 2013
-Oil Search estimates total 2C gas resources in P'nyang field of 2.5 - 3.0 tcf
-Additional seismic in PRL 3 underway, to support potential development
-To maintain PRL 3, production development license application must be submitted to PNG Government in 2015.
The Wood MacKenzie report was great information, tree. XOM may very well use P'nyang at some point, but I think its not being part of the PNG LNG JV yet is important, and that XOM will keep its options open, with decisions at every point, including priorities and timing, based to the maximum extent possible on economics, including risk analysis and return on investment analysis. Partners will have opportunities for input; but XOM is in the driver's seat IMO, OSH is not likely to get favoritism, and I like IOC's position.