Remember This?

[Tree]

philstar.com has confirmed that these full page ads were NOT placed by Minister Duma.

In fact they were placed by Petromin's Johoua Kalinoe.  Anyone remember what's happened to our GCI's at Petromin since March 13??  The goofy rumor of Shell as Gulf LNG winner, while possible if Shell paid the most, also makes no sense on other levels.  The squirrely line that it's been rumpred for several weeks that Shell is winner is a red flag that only a GCI local would think something that absurd would fly.

Gulf LNG approval is conditional: Duma

Wednesday, 13 March 2013 PETROLEUM and Energy Minister William Duma used full-page ads in today’s Papua New Guinea newspapers to object to an InterOil comment that the government had approved its proposed 3.8 million tonnes per annum Gulf LNG project. Peter O'Neill and William Duma to the left at the opening of Shell's office at Petromin Haus. Image courtesy of Shell. Duma was concerned with a comment made by InterOil chief executive officer Phil Mulacek in the company’s 2012 financial and operating results. “The recent approval of our 3.8mtpa LNG project in the Gulf Province by the National Executive Council of PNG paves the way to completing our LNG partnering process, including a sell down of our interest in the Elk and Antelope fields,” Mulacek said.  Duma stressed that the NEC only provided conditional approval for InterOil to develop half of the Elk-Antelope gas resources.  The main condition is that the upstream and midstream aspects are operated by an “internationally recognised operator”, which echoes Duma’s previous criticisms against InterOil for straying from the existing 2009 project agreement.  InterOil remains in the process of finding a suitable world class LNG operator with at least two supermajors involved in bids for a Gulf LNG operating stake according to the InterOil chief financial officer Collin Visaggio.  Duma is leading the NEC’s Ministerial Gas Committee over a possible government move to by an additional 27.5% stake of Elk-Antelope to gain a half stake in its saleable gas.

[CesiumFormate]

philstar.com has confirmed that these full page ads were NOT placed by Minister Duma.

In fact they were placed by Petromin's Johoua Kalinoe.  Anyone remember what's happened to our GCI's at Petromin since March 13??  The goofy rumor of Shell as Gulf LNG winner, while possible if Shell paid the most, also makes no sense on other levels.  The squirrely line that it's been rumpred for several weeks that Shell is winner is a red flag that only a GCI local would think something that absurd would fly.

Gulf LNG approval is conditional: Duma

Wednesday, 13 March 2013 PETROLEUM and Energy Minister William Duma used full-page ads in today’s Papua New Guinea newspapers to object to an InterOil comment that the government had approved its proposed 3.8 million tonnes per annum Gulf LNG project. Peter O'Neill and William Duma to the left at the opening of Shell's office at Petromin Haus. Image courtesy of Shell. Duma was concerned with a comment made by InterOil chief executive officer Phil Mulacek in the company’s 2012 financial and operating results. “The recent approval of our 3.8mtpa LNG project in the Gulf Province by the National Executive Council of PNG paves the way to completing our LNG partnering process, including a sell down of our interest in the Elk and Antelope fields,” Mulacek said.  Duma stressed that the NEC only provided conditional approval for InterOil to develop half of the Elk-Antelope gas resources.  The main condition is that the upstream and midstream aspects are operated by an “internationally recognised operator”, which echoes Duma’s previous criticisms against InterOil for straying from the existing 2009 project agreement.  InterOil remains in the process of finding a suitable world class LNG operator with at least two supermajors involved in bids for a Gulf LNG operating stake according to the InterOil chief financial officer Collin Visaggio.  Duma is leading the NEC’s Ministerial Gas Committee over a possible government move to by an additional 27.5% stake of Elk-Antelope to gain a half stake in its saleable gas.

Tree, I agree with you that it makes no sense unless there are two winners in some way.  JKM has enough domestic demand that that could take Elk/Antelope and do one project.  Shell could be taking Triceratops for another project.  One thing we don't know is if the government has released their confidential estimates as part of this process.  Elk/Antelop is at 9.6T's and 1T so far for Triceratops.  Triceratops if expected to be a larger structure based on Pet's and other predictions.  We have heard numbers that there could be more than 20T's.  Is there any reason why they may not have agreed on two projects?  Also, remember the old saying "Tact is the ability to tell a man to go to H^&^ and make him feel damn glad to be on his way."  Maybe Shell agreed to the dismantelling of Petromin because there is enough to go around.  As I posted earlier, this is all very confusing, but I have always felt that this thing is so big an prolific that when the deal does come that it will be the big bang with a full sell down through Triceratops including some XOM involvement.  This is all speculation on my part, but I was just thinking about how all the puzzle pieces could fit together if there is a bit of truth in all the speculation.

[ArtM72]

How about this idea...someone planted the Shell rumor just so that it could subsequently get knocked down. Not a bad strategy given a lot of people seem to be on a hair trigger these days. I do think that there's plenty of gas to go around in them there hills. Multiple partners would almost seem a given with or without RDS.

It is hard to imagine Ttops being sold without delineation as its value can't be estimated and IOC shouldn't need the money after the E/A selldown to complete that work with PRE. That is, unless the offer is a whopper. Maybe somebody was out in the jungle doing diligence we don't know about. Is there better seismic technology than we've used? I thought IOC was pretty close to the cutting edge with their stuff.

[jft310]

One rumor is PRE wants another 10% of Triceratops.
The original IOC BID statement was a sell down of PRL 15 and a farm out partner for PRL 236 and 238. No reason we can't have it all.
Let PRE buy another 10%, let a Super Major buy into PRL15, let another Super Major maybe Shell buy into PRL 236 and 238.