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Even with a re-focussed CEO/negotiator change any multi-billion, multi-bidder, multi-national 30 year project negotiations SHOULD NOT take this loooooooong!!!!!! Right???
GTDDASAFPNME!!!!
**********
New chief executive says focus is now on non-operated project
By Russell Searancke
16 August 2013 00:00 GMT
InterOil's new chief executive Michael Hession said his company’s focus is on furthering a non-operated liquefied natural gas project in Papua New Guinea.
“We will not be operating an LNG project in the immediate future,” said Hession. “We are all about working with an appropriate partner on a non-operated LNG project going forward, and that’s evidenced by our negotiations with ExxonMobil.”
The negotiations with ExxonMobil are related to the US supermajor buying an interest in Block PRL-15 which contains the Elk-Antelope discoveries operated by InterOil.
Hession said the company will also be “finalising the development plan for PRL 15” and completing “the proper documentation with the Papua New Guinea state to move that LNG project forward”.
The company has LNG ambitions beyond the tie-up with ExxonMobil — namely through the monetisation of its remaining discovered resources at Elk-Antelope and the Triceratops discovery, which it hopes to drill an appraisal well on towards the end of the year. Another partner will also be sought to help share the cost and risk of InterOil’s exploration acreage.
Hession said he decided to join InterOil because the company has “great assets and great people within a great environment”.
He believes there is “a lot more (hydrocarbons) to be found there” and is “very excited that we can contribute to Papua New Guinea and contribute to the economy. We already are a major employer in the country. I would like to see that we will deliver value through to Papua New Guinea”.
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[quote='Tree' pid='29923' dateline='1381924567']
Even with a re-focussed CEO/negotiator change any multi-billion, multi-bidder, multi-national 30 year project negotiations SHOULD NOT take this loooooooong!!!!!! Right???
GTDDASAFPNME!!!!
**********
New chief executive says focus is now on non-operated project
By Russell Searancke
16 August 2013 00:00 GMT
InterOil's new chief executive Michael Hession said his company’s focus is on furthering a non-operated liquefied natural gas project in Papua New Guinea.
“We will not be operating an LNG project in the immediate future,” said Hession. “We are all about working with an appropriate partner on a non-operated LNG project going forward, and that’s evidenced by our negotiations with ExxonMobil.”
The negotiations with ExxonMobil are related to the US supermajor buying an interest in Block PRL-15 which contains the Elk-Antelope discoveries operated by InterOil.
Hession said the company will also be “finalising the development plan for PRL 15” and completing “the proper documentation with the Papua New Guinea state to move that LNG project forward”.
The company has LNG ambitions beyond the tie-up with ExxonMobil — namely through the monetisation of its remaining discovered resources at Elk-Antelope and the Triceratops discovery, which it hopes to drill an appraisal well on towards the end of the year. Another partner will also be sought to help share the cost and risk of InterOil’s exploration acreage.
Hession said he decided to join InterOil because the company has “great assets and great people within a great environment”.
He believes there is “a lot more (hydrocarbons) to be found there” and is “very excited that we can contribute to Papua New Guinea and contribute to the economy. We already are a major employer in the country. I would like to see that we will deliver value through to Papua New Guinea”.
***************
i realize the story is dated today, but do we know whether these are new quotes from Hession...or just a new story about his prior comments?
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10-16-2013, 11:29 PM
(This post was last modified: 10-16-2013, 11:30 PM by johnwgrant.)
Story is dated 2 months ago - when will the reporter update ?
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'johnwgrant' pid='29926' dateline='<a href="tel:1381930 Wrote:Story is dated 2 months ago - when will the reporter update ?
*******
Good point. Misread as October 16th. Thanks.
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10-16-2013, 11:54 PM
(This post was last modified: 10-16-2013, 11:55 PM by ArtM72.)
It's also been a week since last Wednesday. Your point?
I believe what is of concern to so many here is not the length of time the deal takes but the lack of any substantive information from the company since we were told talks went non exclusive, or for that matter the lack of any information since we were told by XOM all major points in a selldown deal were agreed to. Just what in the world would be so wrong to say we are currently negotiating (or no longer negotiating) x, y and z projects with a, b and c with major issues under consideration f, g and h? It's not like there are any major geopolitical issues involved in PNG as there would be in an Iranian or Syrian or Israeli deal.
OK, so some of the puzzle pieces might not fit perfectly, but that is why decisions take time to be made. Most understand that, but a policy of full opacity is not in existing shareholders interests at best, and suggestive of corruption at the core of this company in its worst.
BTW, there is a certainly nothing to shout about...yet.
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'Tree' pid='29923' datel Wrote:
Even with a re-focussed CEO/negotiator change any multi-billion, multi-bidder, multi-national 30 year project negotiations SHOULD NOT take this loooooooong!!!!!! Right???
GTDDASAFPNME!!!!
**********
New chief executive says focus is now on non-operated project
By Russell Searancke
16 August 2013 00:00 GMT
InterOil's new chief executive Michael Hession said his company’s focus is on furthering a non-operated liquefied natural gas project in Papua New Guinea.
“We will not be operating an LNG project in the immediate future,” said Hession. “We are all about working with an appropriate partner on a non-operated LNG project going forward, and that’s evidenced by our negotiations with ExxonMobil.”
The negotiations with ExxonMobil are related to the US supermajor buying an interest in Block PRL-15 which contains the Elk-Antelope discoveries operated by InterOil.
Hession said the company will also be “finalising the development plan for PRL 15” and completing “the proper documentation with the Papua New Guinea state to move that LNG project forward”.
The company has LNG ambitions beyond the tie-up with ExxonMobil — namely through the monetisation of its remaining discovered resources at Elk-Antelope and the Triceratops discovery, which it hopes to drill an appraisal well on towards the end of the year. Another partner will also be sought to help share the cost and risk of InterOil’s exploration acreage.
Hession said he decided to join InterOil because the company has “great assets and great people within a great environment”.
He believes there is “a lot more (hydrocarbons) to be found there” and is “very excited that we can contribute to Papua New Guinea and contribute to the economy. We already are a major employer in the country. I would like to see that we will deliver value through to Papua New Guinea”.
May 24,2013 "IOC enters exclusive negotiations with XOM". At that time, they had agreed to major terms. It has been longer than 2 months
L Ron Rules!
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'ArtM72' pid='29929' datel Wrote:It's also been a week since last Wednesday. Your point? I believe what is of concern to so many here is not the length of time the deal takes but the lack of any substantive information from the company since we were told talks went non exclusive, or for that matter the lack of any information since we were told by XOM all major points in a selldown deal were agreed to. Just what in the world would be so wrong to say we are currently negotiating (or no longer negotiating) x, y and z projects with a, b and c with major issues under consideration f, g and h? It's not like there are any major geopolitical issues involved in PNG as there would be in an Iranian or Syrian or Israeli deal. OK, so some of the puzzle pieces might not fit perfectly, but that is why decisions take time to be made. Most understand that, but a policy of full opacity is not in existing shareholders interests at best, and suggestive of corruption at the core of this company in its worst. BTW, there is a certainly nothing to shout about...yet.
Do other E&P companies publicly lay out that kind of information, beyond what has already been communicated, in similar circumstances during on-going bidding and negotiations? Do you think perhaps the previously signed CAs (Confidentiality Agreements) are still in effect?
"suggestive of corruption at the core of this company"? Really??? In what way? How in hell would you put that interpretation on it?
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My take, Hemi said it best (below). When MH took a SM approach to announcements I hope it took out leaks and added more insecurity for manipulators going forward. Time will tell
"My friends,
One of the changes that Hession has brought to IOC is a super major communication style, which can essentially be summed up with the idiom “on a need to know basis”. While I can’t be entirely sure, I suspect that he has implemented this style in the following ways:
Limit who (including executives and partners) receives information. I strongly suspect that Hession has done this with the XOM negotiations by bringing in his own team from Woodside to handle the negotiations. I believe this team is sharing only high level updates (if any) with a limited number of IOC executive, aka people like CV no longer know all the details.
Get buy-in from the government that infrequent selldown updates are acceptable and/or these updates are communicated to only one (O’Neill) or a small group of key officials.
Make no announcement or reference to future plans that are not 100% controlled by the company. For example, I strongly suspect that IOC is in advanced discussions regarding the next 4.6 Tcf of gas at E/A.
If you have nothing new to report you don’t present at conferences – aka Westlake being cancelled.
I think it is pretty obvious some of the negative effects of this communication style, however if Hession executes, it will stop a large amount of volatility in the pps. Why?? Because if Hession executes, investors will become conditioned to the fact that news will always be unexpectedly announced and that causes pain to those who bet the down side. And as Freud implied, the strongest motivating factor of human nature is to seek pleasure and avoid pain.
So I believe, going forward, investors should get accustomed to being in the dark.
Keep it on Ice,
Hemi"
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10-17-2013, 06:41 AM
(This post was last modified: 10-17-2013, 06:43 AM by ArtM72.)
(10-17-2013, 02:09 AM)Getitrt2 Wrote:
"suggestive of corruption at the core of this company"? Really??? In what way? How in hell would you put that interpretation on it?
First, I do not believe IOC to be corrupt, but four years of reading blogs have certainly provided plenty of examples of people who believe IOC and its owners and their associates as being corrupt. My implicit point was simply that a pretty basic instinctive question is why hide something unless you are doing something that's "wrong" according to common social/political/business mores? Maybe Hession and his team have been hired to make the switch from the open air deals of Mulacek and his people to under the table off record deals more befitting traditional PNG political culture and those who have dealt for decades in the Middle East. I don't know obviously, but that certainly is a possibility.
Just offering it all as a possibility, the truth of which is today not knowable.
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