EMTV reports XOM and IOC partnership

[Palm]

Video many times tells a little different story from print. This story from EMTV includes video of O'Neill in parliament delivering the news that XOM will partner with IOC and PAC LNG in PRL 15. Watch the enthusiasm with which O'Neill makes his statements at the beginning and end of the video. He clearly likes this plan.

EXXON MOBIL CHOSEN TO DEVELOP ELK AND ANTELOPE IN GULF

on Monday, 27 May 2013. Posted in News

InterOil and its joint venture partner, Pacific LNG Group has entered into exclusive negotiations with Exxon Mobil on the development of Elk and Antelope gas fields in Gulf Province.

This completes InterOil’s LNG Partnering process to develop the Elk and Antelope reserves in the Petroleum Retention License area or PRL15.

It’s good news for the petroleum industry, InterOil has chosen Exxon Mobil to develop Elk and Antelope reserves in the Gulf province.

Prime Minister Peter ONeill announced the successful bid by Exxon Mobil to partner with InterOil in parliament last Friday.

InterOil and Pacific LNG Selling Exxon Mobil PNG and interest in PRL 15 that is sufficient to supply gas to develop an additional LNG at Exxon Mobil’s Konebada site. There will be staged payments before and after production commences.

Both InterOil and Pacific LNG will be funded to drill additional wells in the Elk and Antelope fields followed by recertification of the resource.

The joint venture partners will have the option to either independently develop a second LNG project in Gulf province that may also use gas from PRL 15 and other discoveries like Triceratops, or pursue further development with Exxon Mobil. It’s also in line with the government’s decision for an internationally recognised partner to develop the resource and is also in line with the 2009 Project Agreement.

InterOil’s operations in Gulf province dates back to 1997 when the world –class natural gas and condensate resources at Elk/Antelope and Triceratops were discovered.  Apart from these, the Kutubu Oil Project in Southern Highlands Province was first discovered in 1986 and commercial production commenced in June 1992. Gas production in Hides started in 1991 to meet electricity demand in the Porgera Gold Mine, followed Gobe & Moran projects in 1998.

These projects have contributed millions of kina to the economic growth of PNG. It’s anticipated the Elk and Antelope project will triple the country’s economy.

http://www.emtv.com.pg/home/latest-news/...gory_id=20

[ebster123]

This is a GREAT video. There is no question here as to the governments acceptance or to the reality of the resources IOC has. I hope the 60 day comment in the prior post does not allow for a field day by shorts before this is said and done.

[jft310]

eb you may have missed this in ot1, 2 or 3 expansion trains for PNG LNG? Gulf LNG 4Mtpa start? Guess that depends on those delineation wells in PRL15. I get the feeling that IOC/XOM and others believe there is much more than 10 T's between PRL15 and TRI. Maybe an official comment by Rex this week.


Exxon Mobil Corporation Annual Shareholder Meeting
Wednesday, May 29, 2013 9:00 a.m. CT
Location Morton H. Meyerson Symphony Center
2301 Flora Street
Dallas, TX US

Whoa there Cowboy... I think some folks shoud start getting out the pencils and figure out how much gas you need to run three trains for 30-50 years.
Gosh... maybe its those wispers people have been hearing the last two years. Estamates of PNG Gas Resources are woefully wrong.
Try on some boots with room for 60 TCF.
Also... nice mention of Exxon and Total. Did I leave anybody out?
Toot Toot
BRISBANE | Mon May 27, 2013 4:36am BST
May 27 (Reuters) - Exxon Mobil's talks with Interoil to develop the Elk and Antelope fields could lead to an expansion of its $19 billion Papua New Guinea liquefied natural gas (PNG LNG) project, an Exxon executive said on Monday.
The company did not have a timeline for when a deal could be finalised, but Mark Nolan, Exxon Mobil vice president for development in the Middle East and Africa, signaled it may be soon.
"The expansion opportunities look attractive to us, so I wouldn't expect we'd wait too long," Nolan said, speaking to reporters at an industry conference."
Yes, please.her posts

[ebster123]

JFT, nope, I didn't miss it. I said "I hope the 60 day comment in the prior post does not allow for a field day by shorts before this is said and done." because I am not sure when the clock started ticking.

[Spartina]

I would think this would pop thee pps past 100 for good on Tuesday.

[jft310]

I like the odds we hear something during the Exxon AGM on Wed. I like the fact an Exxon SR employee stated soon. I like the idea IOC mgt said soon with more details. I can not define soon! Its not 60 days that's for sure for more news. I think this is the closing date for the Exxon deal which must be announced before closed. Remember people pay to write in the National . Why didn't the Post Courier state 60 days????Can we wait 60 days well sure we can . Will we have to wait 60 days ???. Soon in Exxon talk can not be 60 days IMHO.

[Movieguy]

I would think this would pop thee pps past 100 for good on Monday.

Or maybe we'll fall below 80 and stay there a while, lol. (I am really hoping that I just made a joke, but given Friday's action, who knows.)

[ebster123]

I like the odds we hear something during the Exxon AGM on Wed. I like the fact an Exxon SR employee stated soon. I like the idea IOC mgt said soon with more details. I can not define soon! Its not 60 days that's for sure for more news. I think this is the closing date for the Exxon deal which must be announced before closed. Remember people pay to write in the National . Why didn't the Post Courier state 60 days????Can we wait 60 days well sure we can . Will we have to wait 60 days ???. Soon in Exxon talk can not be 60 days IMHO.

I hope so too but time will tell....

[jft310]

BOD meeting with the AGM for Exxon. Not sure when the BOD meeting is. The AGM is Wed at 9

[Movieguy]

I would think this would pop thee pps past 100 for good on Monday.

Or maybe we'll fall below 80 and stay there a while, lol. (I am really hoping that I just made a joke, but given Friday's action, who knows.)

The joke has become reality.