10-19-2013, 05:21 AM
Confirms a lot of things from different sources. Ownership in PNG LNG while a surprise to some should not be so. Huge near-term implications in several ways; monetizing, cash-flow, drilling programs etc etc.
Also the comments regarding "renewing" licenses for operators who've fulfilled programs and spending in accordance with government wishes confirms what I've found and said. And those worried/harping on any future required flow testing can also relax. The O&G Act is not the only regulation regarding how things are to be done in petroleum projects. There are very specific rules in the PNG O&G Regulation of 2002 which enhance portions of the O&G Act. In it are requirements for certain flow tests which must be done within a certain period of planned production. IOC has met all requirements to date of any testing and will do the same when the deals are finalized. So that "scare" in any articles or bashing posts is nothing more than what is required once you get to that point. Again, this is why management brushes off some of this stuff; they know they are in compliance with regulations and will have to do certain testing as things progress. These are not "delays" nor are they potential partner "concerns" as to the integrity of the structure/reservoir. It's part of why it's said that seismics tell you something, drilling tells you something more, testing tells you more, but production is the "proof".
Like this excellent post on the discussion with Wayne portrays, things are all in good order.
Also the comments regarding "renewing" licenses for operators who've fulfilled programs and spending in accordance with government wishes confirms what I've found and said. And those worried/harping on any future required flow testing can also relax. The O&G Act is not the only regulation regarding how things are to be done in petroleum projects. There are very specific rules in the PNG O&G Regulation of 2002 which enhance portions of the O&G Act. In it are requirements for certain flow tests which must be done within a certain period of planned production. IOC has met all requirements to date of any testing and will do the same when the deals are finalized. So that "scare" in any articles or bashing posts is nothing more than what is required once you get to that point. Again, this is why management brushes off some of this stuff; they know they are in compliance with regulations and will have to do certain testing as things progress. These are not "delays" nor are they potential partner "concerns" as to the integrity of the structure/reservoir. It's part of why it's said that seismics tell you something, drilling tells you something more, testing tells you more, but production is the "proof".
Like this excellent post on the discussion with Wayne portrays, things are all in good order.