glenlivet6991 on Yazoo states Petromin dismantled and Kalinoe resigned

[Tree]

IF it's true, then the whole 'axis of evil' is unraveling in front of our eyes.. Connect the dots!

Here is The Project Zebra disclosure as reported in the Sunday Chronicle.  The charges are squarely on a bribed Petromin working with Duma to rip off IOC for the benefit of RDS and a $100 mill carrot was offered.  Petromin's days as organized were over with O'Neill's re-election.

Here's what will happen.  For self-preservation, Duma will be the one to take the heat for the dismantling of Petromin which will happen IF RDS is loser.  Duma will be the face explaining the Petromin changes and will take the heat politically.

Headline: In Damage Control (Govt moves to avert wrong signals to investors) The O'Neill-Mamah government has moved into damage control mode for the second LNG project development in Gulf Province. Meetings are to be scheduled over the next seven days to avert sending out a potentially damaging sovereign risk signal to the foreign investment community. the move will also distance the government from the stigma of a potentially corrupt inducement money totaling $US100 million promised by a multi-national company to shaft the second LNG developer. The second LNG developer is Liquid Niugini Gas Limited, a joint venture entity jointly owned by Interoil and its partner Pacific LNG Limited. The $US100 million offer is payable after dilution of Interoil's project equity, cancellations of Interoil's project agreement with the State signed in December, 2009 and the company's present PRL-15 over Elk/Antelope and dispossession of its exploration acres in Gulf Province The offer was made in writing April 21 this year by Shell Exploration Company BV to investment bankers - Lazard Freres based in Paris and to New York based Ambata Capital Partners - who were appointed by Petromin PNG Holdings Limited to act for them. Petromin is the custodial nominee company appointed by the State's 20.5 per cent equity in the second Lng Project. The State has still to exercise its right to acquire 22.5 per cent equity in the Gulf LNG project in accordance with provisions of Section 165 of the Oil and Gas Act. The need for damage control arose following disagreement between Interoil and Petromin over operatorship of the project . Petromin - through Petroleum and Energy Minister William Duma and his department - has been actively lobbying to have Shell Exploration Company BV imposed on Interoil as operator of the Gulf LNG Project. Interoil does not accept the deal. Interoil contends tht Shell cannot have it easy. According to Industry sources, Shell has spent no exploration dollars in the lead up to the second LNG project and is being manipulatively allowed through the backdoor by Petromin to meddle in and delay the project development by four years to 2015 with first LNG cargo envisioned in 2018. The position of the O'Neill-Namah government as stated by Prime Minister Peter O'Neill since taking up office has been to develop the two LNG projects together and for new and returning foreign Investors to follow the laws of PNG and come through the "front door" to invest in PNG. By operation of the project agreement between Interoil and the State the appointment of a operator is not necessary until a final investment decision (FID) is made. Interoil has been working towards reaching FID by the end of this year. Petromin seeks to dispossess Interoil of its 4.6 million exploration acres in the Gulf of Papua under PPLs 236,237, and 238. Petromin has schemed "Project Zebra" under which it has mounted a hostile takeover or dilution bid of Interoil' LNG project equity position as a condition of Shell's engagement as Gulf LNG project operator. The scheme was hatched by Petromin in March this year which Petromin maintains was purportedly at the direction o displaced Prime Minister Grand Chief Sir Michael Somare and Minister Duma. Persons close to the former Prime Minister say Sir Michael was never consulted by Petromin for authorization to seek an operator for Interoil's LNG project. Interoil as explorer and discoverer of the substantial Elk and Antelope natural gas and condensate reservoirs have been placed in a less than winning position after spending millions of exploration dollars over 15 years. Last month Shell signed a strategic partnership agreement with Petromin to pursue oil and gas exploration and development interests in PNG including the bid by Shell to acquire 50.4 percent of a vertically integrated and fully aligned unincorporated LNG joint venture.

This attempt at ripping off IOC also ripped off people of PNG.   It almost prevented a competetive sale process and surely would would have suppressed bid prices as Petromin would be serving the bribe master until they were dismantled.  Maybe this has been proven clear and O'Neill let this play out knowing Joshua was going to hang himself in the PNG Joshua Tree.  That has been O'Neill's style, get out of the way when idiots act up and let them ruin themselves.

Headline: In Damage Control (Govt moves to avert wrong signals to investors)

The O'Neill-Mamah government has moved into damage control mode for the second LNG project development in Gulf Province.
Meetings are to be scheduled over the next seven days to avert sending out a potentially damaging sovereign risk signal to the foreign investment community. the move will also distance the government from the stigma of a potentially corrupt inducement money totaling $US100 million promised by a multi-national company to shaft the second LNG developer.
The second LNG developer is Liquid Niugini Gas Limited, a joint venture entity jointly owned by Interoil and its partner Pacific LNG Limited.
The $US100 million offer is payable after dilution of Interoil's project equity, cancellations of Interoil's project agreement with the State signed in December, 2009 and the company's present PRL-15 over Elk/Antelope and dispossession of its exploration acres in Gulf Province
The offer was made in writing April 21 this year by Shell Exploration Company BV to investment bankers - Lazard Freres based in Paris and to New York based Ambata Capital Partners - who were appointed by Petromin PNG Holdings Limited to act for them. Petromin is the custodial nominee company appointed by the State's 20.5 per cent equity in the second Lng Project.

The State has still to exercise its right to acquire 22.5 per cent equity in the Gulf LNG project in accordance with provisions of Section 165 of the Oil and Gas Act.
The need for damage control arose following disagreement between Interoil and Petromin over operatorship of the project . Petromin - through Petroleum and Energy Minister William Duma and his department - has been actively lobbying to have Shell Exploration Company BV imposed on Interoil as operator of the Gulf LNG Project. Interoil does not accept the deal.
Interoil contends tht Shell cannot have it easy. According to Industry sources, Shell has spent no exploration dollars in the lead up to the second LNG project and is being manipulatively allowed through the backdoor by Petromin to meddle in and delay the project development by four years to 2015 with first LNG cargo envisioned in 2018.

The position of the O'Neill-Namah government as stated by Prime Minister Peter O'Neill since taking up office has been to develop the two LNG projects together and for new and returning foreign Investors to follow the laws of PNG and come through the "front door" to invest in PNG.
By operation of the project agreement between Interoil and the State the appointment of a operator is not necessary until a final investment decision (FID) is made. Interoil has been working towards reaching FID by the end of this year. Petromin seeks to dispossess Interoil of its 4.6 million exploration acres in the Gulf of Papua under PPLs 236,237, and 238.


Petromin has schemed "Project Zebra" under which it has mounted a hostile takeover or dilution bid of Interoil' LNG project equity position as a condition of Shell's engagement as Gulf LNG project operator.
The scheme was hatched by Petromin in March this year which Petromin maintains was purportedly at the direction o displaced Prime Minister Grand Chief Sir Michael Somare and Minister Duma.
Persons close to the former Prime Minister say Sir Michael was never consulted by Petromin for authorization to seek an operator for Interoil's LNG project.
Interoil as explorer and discoverer of the substantial Elk and Antelope natural gas and condensate reservoirs have been placed in a less than winning position after spending millions of exploration dollars over 15 years.
Last month Shell signed a strategic partnership agreement with Petromin to pursue oil and gas exploration and development interests in PNG including the bid by Shell to acquire 50.4 percent of a vertically integrated and fully aligned unincorporated LNG joint venture.

[trans]

well seeker on yahoo says Kalinoe placed 2 newspaper mistating Duma's words, is gone, not resigned.

[Palm]

well seeker on yahoo says Kalinoe placed 2 newspaper mistating Duma's words, is gone, not resigned.

"well_seeker•22 minutes agoFlag

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To word is Kalinoe is gone because he placed the 2 newspaper ads misrepresenting Duma's quote to the press regarding the project approval and he was told to leave. Not resigned!"

[Palm]

BTW, the secret palmophone has fed back to philstar.com that Petromin was very likely behind the "Duma" ads. Must-see TV might be interesting in the next couple of days.

[jft310]

My question is what was the split of the $100 million.?? Assume for a moment it was a 3 way split. Thats $33 Million tax free for helping Shell. In a country where $20,000 a year is a lot of money that $33 million goes a long ways. Let's see from the terrible Exxon deal for the people of PNG the powers at B received enough money to buy a $600,000 house in Australia. And they wanted to do it again it appears. Unfortunately thats a breach of their fiduciary respondsibilty to the people of PNG and they have been caught with their hand in the cookie jar. Maybe IOC should buy the Shell office building for its LNG operation?????Now thats poetic justice and the sale price could be CHEAP!
If you were O'Neil seeing the nail job that Exxon did on the PNG people and now to see this Shell thingie would you really want a Super Major as anyone's partner on your island??? Seems to help the JKM situation. PTT seems to have an improved lot.
Is Total honest?? Raises questions about these SM's. And one understands how they became SMers.

[Palm]

"The $US100 million offer is payable after dilution of Interoil's project equity, cancellations of Interoil's project agreement with the State signed in December, 2009 and the company's present PRL-15 over Elk/Antelope and dispossession of its exploration acres in Gulf Province"

Nada was paid as delivery has not been made.