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09-12-2012, 11:26 AM
(This post was last modified: 09-12-2012, 12:25 PM by Palm.)
Hohoho
Korea eyes Gulf LNG
By PETER KORUGL in INCHEON CITY
The world’s biggest importer of liquified natural gas is in talks to partner with InterOil Corporation to operate the country’s second LNG project to be based in the Gulf Province.
And if discussions go well, we could see the entry of the Korean Gas Corporation (KOGAS), a global company with experience in exploration, extraction and processing of liqufied natural gas, into PNG.
“We are in talks with InterOil to develop the Elk and Antelop gas reserves in Papua New Guinea. We want to be involved in both the upstream and downstream processing aspects of this project,” a company offical, Park Tae Seok, told this reporter during a guided tour of KOGAS Incheon refinery on Thursday.
Should the talks prove successful, KOGAS entry will certainly up the profile of PNG as an investment destination for multinational corporations, and a major boost for the young hydrocarbon industry.
The company will not only inject money into the project, but is expected to buy the bulk of the liqufied natural gas produced from the Gulf project.
KOGAS is currently the biggest supplier of LNG to South Korea and is involved in exploration and production of LNG and other related activities in Oman, Qatar, Yemen, Indonesia, Mozambique, Canada, Myanmar, Iraq, Russia,China, Timor Leste, Uzbekistan and Australia, meeting growing demand in South Korea.
“We have not signed any agreeements as yet, but we will soon, if everything goes well,” said Mr Tae Seok, who is a member of the LNG Project Development Team.
The company had been watching the stand off between Petroleum and Energy Minister Mr William.Duma and InterOil Corporation last year, and was happy that the issues have been resolved amicably.
KOGAS should be pleased to know that the O’Neill Government has reversed its decision to put InterOil on notice, over what it claimed, was a deviation from the project agreement.
In a statement, the government announced that it was setting up a team to move forward with InterOil.
South Korea has experienced unprecedented economic growth in recent years that its demand for clean and safe energy is growing. KOGAS, in its 2011 annual report said the country’s supply of natural gas has increased 21-fold since its first supply 24 years ago.
Recently we have expanded our distribution to 40 cities and set a target of increasing the number of households being supplied from 13 million in 2010 to 17 million by 2016.
As such, the natural gas supply rate is expected to increase from 73.3 precent in 2011 to 77.5 percent by 2015.
http://www.postcourier.com.pg/20120912/news19.htm
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Let's Get er done!!!! Good find Palmerine!
L Ron Rules!
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Aaaah, the long awaited KOGAS update. Me likie.
1) Involvement in both up and downstream processing
2) Inject money into project
3) expected to buy the bulk of LNG
4) We will sign agreements soon
Gee, doesn't KoGasObama know they are not a suitable LNG operator????
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That's the point TreeBama, they know they can walk all over IOC. Rumor has it some lecturers feel companies like Exxon and Shell will not want to do business with lil ol IOC. Maybe not, but the largest LNG company in the world certainly does. Certainly Phil will botch this up somehow.
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So, how does this leeeetle png reporter end up at the Inchon plant with this major scoop? Part of bidding process and notice to others that KOGAS playing for keeps? One of several bids? Submission to govt that WA was referring to? Should know soon.
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(09-12-2012, 11:26 AM)Palm Wrote:
Hohoho
Korea eyes Gulf LNG
By PETER KORUGL in INCHEON CITY
The world’s biggest importer of liquified natural gas is in talks to partner with InterOil Corporation to operate the country’s second LNG project to be based in the Gulf Province.
And if discussions go well, we could see the entry of the Korean Gas Corporation (KOGAS), a global company with experience in exploration, extraction and processing of liqufied natural gas, into PNG.
“We are in talks with InterOil to develop the Elk and Antelop gas reserves in Papua New Guinea. We want to be involved in both the upstream and downstream processing aspects of this project,” a company offical, Park Tae Seok, told this reporter during a guided tour of KOGAS Incheon refinery on Thursday.
Should the talks prove successful, KOGAS entry will certainly up the profile of PNG as an investment destination for multinational corporations, and a major boost for the young hydrocarbon industry.
The company will not only inject money into the project, but is expected to buy the bulk of the liqufied natural gas produced from the Gulf project.
KOGAS is currently the biggest supplier of LNG to South Korea and is involved in exploration and production of LNG and other related activities in Oman, Qatar, Yemen, Indonesia, Mozambique, Canada, Myanmar, Iraq, Russia,China, Timor Leste, Uzbekistan and Australia, meeting growing demand in South Korea.
“We have not signed any agreeements as yet, but we will soon, if everything goes well,” said Mr Tae Seok, who is a member of the LNG Project Development Team.
The company had been watching the stand off between Petroleum and Energy Minister Mr William.Duma and InterOil Corporation last year, and was happy that the issues have been resolved amicably.
KOGAS should be pleased to know that the O’Neill Government has reversed its decision to put InterOil on notice, over what it claimed, was a deviation from the project agreement.
In a statement, the government announced that it was setting up a team to move forward with InterOil.
South Korea has experienced unprecedented economic growth in recent years that its demand for clean and safe energy is growing. KOGAS, in its 2011 annual report said the country’s supply of natural gas has increased 21-fold since its first supply 24 years ago.
Recently we have expanded our distribution to 40 cities and set a target of increasing the number of households being supplied from 13 million in 2010 to 17 million by 2016.
As such, the natural gas supply rate is expected to increase from 73.3 precent in 2011 to 77.5 percent by 2015.
http://www.postcourier.com.pg/20120912/news19.htm
"We have not signed any agreeements as yet, but we will soon, if everything goes well"
"We have not signed yet,but we will soon,UNLESS SOMEONE IS GONNA PAY MORE.."
Have a nice day..!
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'Palm' pid='9621' datel Wrote:
Hohoho
“We have not signed any agreeements as yet, but we will soon, if everything goes well,” said Mr Tae Seok, who is a member of the LNG Project Development Team
I like it when the captains involved take over the word "SOON" from us
Korea eyes Gulf LNG
By PETER KORUGL in INCHEON CITY
The world’s biggest importer of liquified natural gas is in talks to partner with InterOil Corporation to operate the country’s second LNG project to be based in the Gulf Province.
And if discussions go well, we could see the entry of the Korean Gas Corporation (KOGAS), a global company with experience in exploration, extraction and processing of liqufied natural gas, into PNG.
“We are in talks with InterOil to develop the Elk and Antelop gas reserves in Papua New Guinea. We want to be involved in both the upstream and downstream processing aspects of this project,” a company offical, Park Tae Seok, told this reporter during a guided tour of KOGAS Incheon refinery on Thursday.
Should the talks prove successful, KOGAS entry will certainly up the profile of PNG as an investment destination for multinational corporations, and a major boost for the young hydrocarbon industry.
The company will not only inject money into the project, but is expected to buy the bulk of the liqufied natural gas produced from the Gulf project.
KOGAS is currently the biggest supplier of LNG to South Korea and is involved in exploration and production of LNG and other related activities in Oman, Qatar, Yemen, Indonesia, Mozambique, Canada, Myanmar, Iraq, Russia,China, Timor Leste, Uzbekistan and Australia, meeting growing demand in South Korea.
“We have not signed any agreeements as yet, but we will soon, if everything goes well,” said Mr Tae Seok, who is a member of the LNG Project Development Team.
The company had been watching the stand off between Petroleum and Energy Minister Mr William.Duma and InterOil Corporation last year, and was happy that the issues have been resolved amicably.
KOGAS should be pleased to know that the O’Neill Government has reversed its decision to put InterOil on notice, over what it claimed, was a deviation from the project agreement.
In a statement, the government announced that it was setting up a team to move forward with InterOil.
South Korea has experienced unprecedented economic growth in recent years that its demand for clean and safe energy is growing. KOGAS, in its 2011 annual report said the country’s supply of natural gas has increased 21-fold since its first supply 24 years ago.
Recently we have expanded our distribution to 40 cities and set a target of increasing the number of households being supplied from 13 million in 2010 to 17 million by 2016.
As such, the natural gas supply rate is expected to increase from 73.3 precent in 2011 to 77.5 percent by 2015.
http://www.postcourier.com.pg/20120912/news19.htm
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I know we all knew that Kogas was likely to be in the equation but to have it spelled out so clearly in the one of the 2 national papers I believe is very significant, oh hell I think this is HUGE!
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