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Missed this late last summer. Has some dots that a speculative brain could connect.
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By Eric Martin in London
17 August 2012 12:34 GMT
New PNG head welcomed as opening now set for late 2015.
InterOil has pushed back start-up of its proposed Gulf LNG export project but is couching Papua New Guinea’s recent elections as a major step forward for the plan.
Chief executive Phil Mulacek told analysts this week that the proposed plant, which is being pursued in partnership with Singapore-based Pacific LNG, could begin operations in late 2015 or early 2016.
InterOil was previously pursuing a start-up in late 2014 or early 2015, but that was before PNG demanded that the Houston-headquartered explorer bring a major LNG operator into the project.
The company has been holding a formal beauty contest to select a new partner.
“It’s taken about a year to get through this process,” Mulacek said during an earnings briefing. “We can’t change a 36 to 42-month start to finish on LNG construction. That’s the industry model.”
A high-level source told LNG Unlimited, meanwhile, that some suitors are calling for a change in the proposed plan to use mid-scale, modular liquefaction trains under a yet-to-be-finalised deal with Sydney-listed Energy World Corporation.
Instead, these bidders would prefer an established, larger scale liquefaction process, even if it means a longer construction timetable.
Meanwhile, InterOil executives suggested that national elections, that kept incumbent Prime Minister Peter O’Neill at the helm of the government, helped clear a major hurdle to completion of the partnership talks.
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03-22-2013, 09:06 AM
(This post was last modified: 03-22-2013, 09:09 AM by Tree.)
Missed this too from 1 yr. ago. Note the opening sentence. Recall SHU recent discussions of Gulf LNG LNG being shipped to PNG ports to be boasting new gas fired power plants. Guess PNG will need 'In Kind gas' afterall.
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By ERIC MARTIN London 23 March 2012 12:36 GMT
Plans to deliver volumes along coastline and to nearby countries.
InterOil and joint venture partner Pacific LNG are in talks to extend the sanction deadline beyond 31 March for the Gulf LNG export project in Papua New Guinea. Talks are being held with Energy World on construction of land-based liquefaction trains and Japan’s Mitsui for the project’s condensate stripping plant, InterOil chief executive Phil Mulacek told investors this week. Any hold-up will be the second delay since the project missed an end-2011 final investment decision target after PNG officials demanded the partners bring in an established LNG player. Mulacek said in the earnings briefing that the project has slowed as a result of political uncertainty but sponsors’ talks with the government over any further modifications are advanced. The company considers the project sanction-ready. Mulacek said bidding for an equity stake in the 5 million tonnes per annum project, which involves dual-track floating and land-based liquefaction plans, “should culminate” in the second quarter.InterOil executives have all but confirmed bidding interest by a consortium of Korea Gas, Japan Petroleum Exploration Company and Mitsui. Separately, Shell has been rumoured for months to be after a stake in Gulf LNG. Bidders are in their final stages of due diligence, Mulacek said. InterOil also has a portion of the Elk and Antelope gas fields underpinning the project up for grabs. Bidders want to see the results of the promising Triceratops-2 appraisal well to put a price tag on that portion of the deal. Gulf LNG project director Allan Zirgulis said Flex LNG and shipyard Samsung Heavy Industries have completed front-end engineering and design of the topsides and hull for the floating portion of the project. The companies have remained in talks with the Gulf LNG project sponsors even though their deal to provide a floating liquefaction unit elapsed in December without extension. Zirgulis also said three bidders have been short-listed for the next phase of the project’s shared marine facilities, with front-end engineering and design to begin in mid-April. Final negotiations are under way with bidders for a project management contract.
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'Tree' pid='19282' dateline='<a href="tel:1363906 Wrote:
Missed this late last summer. Has some dots that a speculative brain could connect.
**********
By Eric Martin in London
17 August 2012 12:34 GMT
New PNG head welcomed as opening now set for late 2015.
InterOil has pushed back start-up of its proposed Gulf LNG export project but is couching Papua New Guinea’s recent elections as a major step forward for the plan.
Chief executive Phil Mulacek told analysts this week that the proposed plant, which is being pursued in partnership with Singapore-based Pacific LNG, could begin operations in late 2015 or early 2016.
InterOil was previously pursuing a start-up in late 2014 or early 2015, but that was before PNG demanded that the Houston-headquartered explorer bring a major LNG operator into the project.
The company has been holding a formal beauty contest to select a new partner.
“It’s taken about a year to get through this process,” Mulacek said during an earnings briefing. “We can’t change a 36 to 42-month start to finish on LNG construction. That’s the industry model.”
A high-level source told LNG Unlimited, meanwhile, that some suitors are calling for a change in the proposed plan to use mid-scale, modular liquefaction trains under a yet-to-be-finalised deal with Sydney-listed Energy World Corporation.
Instead, these bidders would prefer an established, larger scale liquefaction process, even if it means a longer construction timetable.
Meanwhile, InterOil executives suggested that national elections, that kept incumbent Prime Minister Peter O’Neill at the helm of the government, helped clear a major hurdle to completion of the partnership talks.
7 months ago and counting.
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'Tree' pid='19282' datel Wrote:
Missed this late last summer. Has some dots that a speculative brain could connect.
**********
By Eric Martin in London
17 August 2012 12:34 GMT
New PNG head welcomed as opening now set for late 2015.
InterOil has pushed back start-up of its proposed Gulf LNG export project but is couching Papua New Guinea’s recent elections as a major step forward for the plan.
Chief executive Phil Mulacek told analysts this week that the proposed plant, which is being pursued in partnership with Singapore-based Pacific LNG, could begin operations in late 2015 or early 2016.
InterOil was previously pursuing a start-up in late 2014 or early 2015, but that was before PNG demanded that the Houston-headquartered explorer bring a major LNG operator into the project.
The company has been holding a formal beauty contest to select a new partner.
“It’s taken about a year to get through this process,” Mulacek said during an earnings briefing. “We can’t change a 36 to 42-month start to finish on LNG construction. That’s the industry model.”
A high-level source told LNG Unlimited, meanwhile, that some suitors are calling for a change in the proposed plan to use mid-scale, modular liquefaction trains under a yet-to-be-finalised deal with Sydney-listed Energy World Corporation.
Instead, these bidders would prefer an established, larger scale liquefaction process, even if it means a longer construction timetable.
Meanwhile, InterOil executives suggested that national elections, that kept incumbent Prime Minister Peter O’Neill at the helm of the government, helped clear a major hurdle to completion of the partnership talks.
"Instead, these bidders would prefer an established, larger scale liquefaction process, even if it means a longer construction timetable." Thank the good lord!
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Woodside would be an established operator who builds really BIG LNG plants.They would work well with IOC,Mitsui and Exxon . Thinking EWC is gone forever may be a mistake. One could argue the PNG govt will watch EWC's Indo facility and after this first train is done take a gander at what's happening at Indo. Just a thought.
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Yes I hope they watch the Indo plant for a longgg time. Modular and FLNG are great ideas, I hope someday they are brought to PNG, just not now. Its been very clear for quite a while that the PNG govt. Majors and other bidders and investors are firmly against having an EWC plany underpin the next Jewel of the PNG treasuries crown, gulf LNG. Of course some of us have been saying this for close to 2 years already.
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We've all been saying things for 2 years; and we've all been right and wrong on things.
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What the anti EWC critics say is not modular, not now. BUT Exxon used modular at Napa Napa. Please explain why modular works for Exxon/OIl Search on PNG and EWC does not for IOC?? Thats a BIG hill to climb. Listening to the shorts arguements has risks without proper DD, Thats my opinion based on what Exxon actually did and is doing on PNG right now.MODULAR! Why is Chevron using MODULAR in Australia??
Not sure go to the OIl Search website and see. Not sure go to the Chevron website and see, Both those links were posted on this website. Anti-Modular carries no weight for the Super Majors.Now arguements about EWC modular have more weight but the Anti Modular carries zero weight. What made EWC so attractive was the terms they offered IOC. If its good enough for the Indonesian govt its hard to argue its not good enough for the PNG govt. Same island. There is nothing experimental about EWC and its technology and its currently in uses many places in the world.Over 20 years of such use. What EWC did was configure the pieces in a way that others had not done. Others like Mitsui can do exactly what EWC proposed but not on the same terms. Does future cash flow matter?? Sure there is some execution risk but Henry Aldorf thought the risk reward was beneficial enough to IOC to do the deal. Now who wants to argue with Henry Aldorf and what are your qualifications to do so???
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Anti EWC folks I know have nothing against modular, in fact most think its a great solution in a place like PNG. Their issue is using a very small player as the partner. EWC would fall into that category. The main rub has always been that. This will cost 5 billion dollars to do. The Govt thinks that whatever the scheme, it should be with a player that has the ready funds to complete the project without ANY financing problems at any point along the way. EWC just doesnt fit the bill.
Now Im sure If total proposed it , and operating it, PNG perhaps would give it serious consideration.
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Bert have you ever looked at the Japex deal with Petromin??? The Japanese government guaranteed the financing for the entire IOC LNG plant.Those agreements have been posted on this board again recently. The key to the deal was in exchange for financing the Japanese received LNG Offtakes. How can one not look at the entire picture?? Just looking at EWC ignores the signed, sealed and delivered Japanese offer. Whoever made those statements about EWC and financing ignored the Japex deal.WHY one must ask???Whats their real agenda??NOT proper DD. Again I say EWC may raise its head again. More clues see where Phil M is talking at an FLNG Conference in June 2013. That sounds like train 2 or 3 coming right at us.FLNG and someones modular. Could be EWC. Financed all by the Japanese government. Initial Japanese offer was in 2007 at an RJ Institutional Meeting which Spartina has a CD copy of. You might contact Spartina for a copy of Phil's 2007 talk.The 2010 Petromin deal is posted on this Board . Japanese offer still stands.Big Ooops to whoever stated EWC didn't have the financing!!! So not true.Facts easily verified with a Spartina CD and with a reading of the Petromin deal...
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