02-21-2012, 11:49 PM
This article almost is making the point that OSH is doing all it can in the exploration area due to its long history in PNG. But makes it sound like they don't necessarily have an obligation at PNG LNG beyond finding reserves to feed that project. Once that happens they have their piece of that pie, can keep it or sell it. Interesting insight if that is the case. Makes their delay to the 2nd half of 2012 on exploration for PNG LNG even more looking like XOM could become a partner with IOC, or at least be in the bidding. If T2 pans out to be as big as it well could be, XOM may secure what they need for their expansion. We have heard many times that PNG would like to see some costs shared. It only benefits PNG/Petromin to do this as the less costs in the projects, the less Petromin has to pony up for its buy-ins. And since Arthur screwed up and the gov now has to come up with more for their share of PNG LNG an alliance could fit everyone's needs. But, XOM will have to pay fair price!