Rubbish Meter Results

[Tree]

Some are freaked out by Petromin.  There is a mis-conception that IOC is beholden to Petromin and therefore Shell, their chosen partner.  They conclude IOC will need to bow to Shell.   As if the holder of the resource and prime acreage with FID ready willing partners (EWC, Mitsui, 4 OTs) and Gov't approval with an announced contract operator (Engineering firm available and eager to operate for a fee) has no leverage and is attempting to negotiate from a position of strength.

I ran this in the rubbish meter and here's the analysis.

1)  IOC is free to negotiate commercially with any acceptable potential partners.

2)  PNG is required to pay the same commercial rates as others a for stake above 22.5% in Gulf LNG and other projects.

3)  IOC is not pre-destined to swallow a Petromin/Shell low-ball deal.

4)  IOC is not negotiating with Petromin/Shell.  IOC is possibly negotiating with Shell.   Petromin is the manager of PNG's interest, if they are lucky, with the reorganization.

[jft310]

Petromin serves at the pleasure of the govt not the other way around. If the govt thinks Petromin is not doing a good job then the govt can and will use someone else. Shell can help Petromin with what the PNG govt gives them to manage. Look at the % Petromin controls of the Exxon project. Its not 22.5% but under 2 %. Why's that??? part of reason is lack of confidence in Petromin...

[Tree]

Petromin serves at the pleasure of the govt not the other way around. If the govt thinks Petromin is not doing a good job then the govt can and will use someone else. Shell can help Petromin with what the PNG govt gives them to manage. Look at the % Petromin controls of the Exxon project. Its not 22.5% but under 2 %. Why's that??? part of reason is lack of confidence in Petromin...

"Petromin PNG Holdings Limited is an independent company created by the State of Papua New Guinea to hold the State's assets and to maximise indigenious ownership and revenue gains in the mineral and petroleum sectors.

It is empowered as the vehicle to better leverage the State's equity holdings and encourage more production and downstream processing of oil, gas and minerals in PNG through proactive investment strategies either wholly or in partnership with resource developers.

Petromin provides real opportunity for Papua New Guineans to increase ownership of their resources in mineral & petroleum assets."

Petromin accused in the Project Zebra article last year of working with Shell to screw IOC.  Petromin may be capable of delaying Gov't performance to some degree but they have no authority over who IOC or PNG selects for Gulf LNG.  In theory, Petromin, PNG and IOC interests will allign, in reality, Petromin Pres. Joshua Kalinoe may have been corrupted.

[ArtM72]

The sole shareholder....the Trustee Shareholder of Petromin happens to be Peter ONeil. Maybe not such a bad guy to deal with. http://www.petrominpng.com.pg/news/press...romin.html

[sageo]

Hi to all-- I don't think at this stage of the game,that it matters how much good news we get . As long as we have a SM or two that are short on ethics and some manipulating scum that have access to info 48 to 72 hours before we do, (as they use to say on the farm) we will be "sucking the hind tit !  Refers to gettin the leftovers !!! I sure hope  things change soon . See ya .