Total to push Gulf gas projects

[Palm]

Fact is Getit that Relker is right in mentioning the "up to 50%" clause because that was approved by NEC and signed by O'Neill and until the IOC/Total agreement is closed there are negotiations with the government going on. Remember what Hession said on the Dec 6th CC; "This deal is with Total." There are reasons for that, and one is satisfying the government that everything is to their liking. It also allows for things like "in-kind" gas such as that announced with the NEC approval of the EWI 30MW plant for PM. Maybe they want 25% to allow for some gas for domestic use. There still is a bit of negotiating to go. The government is very much in favor of the Total/IOC project, so things should proceed smoothly, but we all know how that goes. The full 50% was/is a bit of an anvil over IOC's head to be sure things go to PNG's liking. Again, they all know that, but we can't ignore that they may want SOME more than their 22.5%. "Up to 50%" is still there until the Gas Agreement is finalized.