02-21-2012, 05:26 AM
Unbelievable! How can OSH and XOM be taken seriously with the PNG LNG project? Last fall OSH said they would be doing more exploration in the first half of 2012, and today they say they are pushing it into the 2nd half, and now they won't know until possibly YE if they have enough gas to underpin the planned expansion of the project. More moved goalposts and missed deadlines. There's no way they will be able to meet their planned production schedule, especially since we just found out that they did things bassackwards on their population studies etc. They must be learning from IOC!:
"As anticipated by some analysts, Oil Search said Tuesday that initial Hides exploration drilling to support a possible expansion of the project has been pushed back until mid-2012, from an original timetable of the end of the first quarter.
"A preliminary view on whether enough gas is available to underwrite an expansion or whether additional activities are required is likely to be formed in late 2012/early 2013," Oil Search Chief Executive Peter Botten said in a statement."
http://online.wsj.com/article/BT-CO-2012...07429.html
I doubt any LNG will ever get produced or shipped out of PNG. May as well shut 'er down. If PNG LNG can't do it, nobody can. Can anyone say "missed deadlines"?
"As anticipated by some analysts, Oil Search said Tuesday that initial Hides exploration drilling to support a possible expansion of the project has been pushed back until mid-2012, from an original timetable of the end of the first quarter.
"A preliminary view on whether enough gas is available to underwrite an expansion or whether additional activities are required is likely to be formed in late 2012/early 2013," Oil Search Chief Executive Peter Botten said in a statement."
http://online.wsj.com/article/BT-CO-2012...07429.html
I doubt any LNG will ever get produced or shipped out of PNG. May as well shut 'er down. If PNG LNG can't do it, nobody can. Can anyone say "missed deadlines"?