(11-21-2013, 01:15 AM)johnwgrant Wrote:
(11-21-2013, 01:08 AM)jft310 Wrote: Each Trinidad train had its own ownership percentage. All were different , I think they have 7 trains now all unique percentages
FWIW, that is what I anticipate for InterOil's deal - they will get a percentage of Train 3 (and any other train that their gas is the major feedstock for) but NOT for Trains 1 and 2. Does this put me in the minority view with others on this board ?
I tend to agree with you but I think the point is pretty moot. IOC will get upfront cash and then staged payments from their new partner(s) to get them to Train 3 production which they will have a stake in. They will also be needing financing of some sort for Gulf LNG which they will have a piece of as well.
Hession said he couldn't say much about the selldown on his first CC because he and his people needed to understand the deal. He now states they understand the deal and it is straightforward. In my mind simple is a selldown of gas for cash and percentage in Train 3, and a selldown of gas for a carry on the CSP and Gulf LNG. Partnering for exploration outside of PRL15 and PPL237? I think that will wait and depend upon whether the IOC geologic model is confirmed in PPL236. If Wahoo is a gas filled reef thing go nuts. If it isn't I think IOC takes on a partner to share in the risk.
Flush.