Even though IOC's data room sucks and there is doubt in the GLJ #s and more wells which are years away in PRL15 are needed before a non-accretive deal with XOM can be struck, the fact remains is IOC has at least 4 very formidable experienced men in key positions at the end of these negotiations.
Aldorf, Zirgulius, Kerr and Hession. Check their bios.
Let's talk best interests in how to develop E/A.
XOM - multiple expansion trains in PNG LNG as each builds better economies and no Gulf LNG - same $ benefit to Gov't and IOC
Gov't - Diversify with competetive SM Operators with a Gulf LNG in the Gulf and civilizing an uncivilized central region to link PM to Highlands. Still tons of revenue.
IOC - Survive and build a large 12Mtpa Gulf LNG project as planned retaining large ownership stakes of ~35%. Best option for IOC.
Can IOC's management retain 'LNG optionality' is the issue likely being bottom lined now. Recent Kavo political pressure may actually benefit us IOC shareholders and is that pressure a coincidence?
