'Thylacine-2' pid='71251' datel Wrote:
'ArtM72' pid='71239' datel Wrote:Mulacek may have run IOC on a shoestring in the past. But future capital expenditures will be largely determined by Total. A problem is that IOC doesn't own anything. It has licences in PNG. And the government wants the deal. IOC as an E&P company has been destroyed by Hession. lOC is going away.There is no doubt in my mind Phil Mulacek can run this organization on a shoestring. He has done it in the past and if it takes several years to farm down IOC PPLs because of lack of funds, so be it. IOC will need to go into hibernation if the certification payment is small.
It has become clear that it was Hession who demanded drilling of A7 which sets the certification back, not TOT, not OSH. Further, drilling A7 will drain the remaining cash from IOC coffers. Maybe Mulacek's first move as CEO would be to halt work on A7 if at all possible. With not one but two long term flow tests in addition to six appraisal wells in this "High Darcy" formation I never could understand the rational for pushing the certification back. Now I see a whole host of other nefarious actions being revealed which at best can be interpreted as simple cover up of extraordinary incompetence. At worst, felony.
For OSH's part it continues to seem most plausible that IOC assets were the only thing that Botten could grab and still keep gas starved OSH afloat.
Notwithstanding the fatalistic or short inspired comments in the thread immediately above IOC is NOT without assets. Let's also not mislead readers into thinking IOC's payments due under the SPA with Total were in any way impacted by the drop in the price of oil. By evidence of Hession's own words it was he, not Total or OSH, who demanded A7 and thus pushed back certification (at least this last time). Further, all evidence now points to the incompetence of Hession and his crew, not Total's that the appraisal wells were not completed anywhere near their sheduled timeline. (I use the word incompetence, but sabotage came to mind as a possible fit but I digress),
Lots of things in this world go into hibernation or similar state while waiting for conditions to improve. There is no reason why IOC can't as well. With Total's CEO stating A7 would be done with certification taking place by year's end I see no reason to give up hope yet. What depresses me is there is now nothing that Hession has said in the past two and a half years that is not suspect. Thankfully we have a series of GLJ assessments that are likely untainted by Hession and his minions.