Art,
The company has not made public an agreement with Total to build a LNG plant. Thus, my statement that IOC does not have such agreement. (The press release last year announcing the agreement with Total inferred one. However, no contract, which would be very material, has ever been released and I confirmed with IOC management that no such contract has been negotiated or executed.) Not positive, but I believe one of Hession's stated goals in his employment agreement is to negotiate such contract. Number 3 follows from #2.
i understand you comment about #1 and #4. Yes, $60 pice won't stick, but it could be with us for a year, two years. If so, it will be a very hard market to raise the required debt funding to do the deal. Thus, a further delay in the project.