03-09-2012, 07:47 AM
No real news but there is no doubt Gulf Province is the place to be. OSH is tooting its horn that they want to do a project in the Gulf with a "major" energy company. Have to assume that's Shell. Interesting
"Oil Search eyes Gulf LNG
By PATRICK TALU
OIL Search Ltd (OSL) said it is seriously eyeing for a major liquefied Natural Gas (LNG) project in the Gulf Province.
In a recent interview with a senior executive of OSL, it was indicated that the Gulf Area presents a huge opportunity for another major LNG project.
The executive said OSL is looking at partnering with a major LNG developer like that of ExxonMobil to develope the Gulf area project.
When asked if ExxonMobil would be obvious partner, the executive did not want to pre-empt as exploration and other activities are still underway.
However, the executive said one of the world’s largest energy companies would be invited to develop the project through a partnership.
Stressing on the partnership, OSL said there is an opportunity for the partner to gain material country entry position while data room opened several highly credential parties that have expressed strong interest. Oil Search said its target partnership deal will be in mid 2012.
OSL stressed that its key strategic priority is to grow gas and business in PNG and is pursuing a two pronged strategy in the PNG LNG Expansion and the Gulf Area LNG.
Other hydrocarbon developer like Inter Oil Corp has a major project especially Elk and Antelope in the Gulf which the finale investment decision was deferred last year after the government disagreed were at loggerheads with InterOil for changing the initial project plan.
In Parallel, OSL said it is continuing near-field exploration and pursuing high-grade exploration outside PNG.
Meanwhile OSL has acquired a 50% interest in Petroleum Prospecting Licence (PPL) 277 from Kingsbury Limited, a wholly owned subsidiary of New Guinea Energy (NGE).
The consideration for the purchase comprises a cash payment of $US7.5 million (K15.69 million). The transaction is subject to a number of conditions precedent, including Ministerial approval and licence specific conditions.
Subject to further conditions, NGE may be entitled to an additional $US10 million from Oil Search if a Petroleum Development Licence (PDL) is granted and a royalty if commercial production occurs.
Esso PNG Exploration Limited, an ExxonMobil Corp subsidiary has agreed with NGE to acquire the remaining 50% interest in the licence. Commenting on the transaction, Peter Botten, Oil Search’s Managing Director said, “PPL 277 is located in the PNG Highlands and adjoins several licences in which Oil Search holds interests.
These include the PDL 8 licence, which contains the Angore PNG LNG Project gas field and PRL 11, which contains the Trapia prospect, due to be drilled following the P'nyang South well.
Based on the regional study that was undertaken as part of the 2010 strategic review, we believe the licence is prospective for gas and in an optimal location for future developments,” Mr Botten reportedly said."
http://www.postcourier.com.pg/20120309/business05.htm
"Oil Search eyes Gulf LNG
By PATRICK TALU
OIL Search Ltd (OSL) said it is seriously eyeing for a major liquefied Natural Gas (LNG) project in the Gulf Province.
In a recent interview with a senior executive of OSL, it was indicated that the Gulf Area presents a huge opportunity for another major LNG project.
The executive said OSL is looking at partnering with a major LNG developer like that of ExxonMobil to develope the Gulf area project.
When asked if ExxonMobil would be obvious partner, the executive did not want to pre-empt as exploration and other activities are still underway.
However, the executive said one of the world’s largest energy companies would be invited to develop the project through a partnership.
Stressing on the partnership, OSL said there is an opportunity for the partner to gain material country entry position while data room opened several highly credential parties that have expressed strong interest. Oil Search said its target partnership deal will be in mid 2012.
OSL stressed that its key strategic priority is to grow gas and business in PNG and is pursuing a two pronged strategy in the PNG LNG Expansion and the Gulf Area LNG.
Other hydrocarbon developer like Inter Oil Corp has a major project especially Elk and Antelope in the Gulf which the finale investment decision was deferred last year after the government disagreed were at loggerheads with InterOil for changing the initial project plan.
In Parallel, OSL said it is continuing near-field exploration and pursuing high-grade exploration outside PNG.
Meanwhile OSL has acquired a 50% interest in Petroleum Prospecting Licence (PPL) 277 from Kingsbury Limited, a wholly owned subsidiary of New Guinea Energy (NGE).
The consideration for the purchase comprises a cash payment of $US7.5 million (K15.69 million). The transaction is subject to a number of conditions precedent, including Ministerial approval and licence specific conditions.
Subject to further conditions, NGE may be entitled to an additional $US10 million from Oil Search if a Petroleum Development Licence (PDL) is granted and a royalty if commercial production occurs.
Esso PNG Exploration Limited, an ExxonMobil Corp subsidiary has agreed with NGE to acquire the remaining 50% interest in the licence. Commenting on the transaction, Peter Botten, Oil Search’s Managing Director said, “PPL 277 is located in the PNG Highlands and adjoins several licences in which Oil Search holds interests.
These include the PDL 8 licence, which contains the Angore PNG LNG Project gas field and PRL 11, which contains the Trapia prospect, due to be drilled following the P'nyang South well.
Based on the regional study that was undertaken as part of the 2010 strategic review, we believe the licence is prospective for gas and in an optimal location for future developments,” Mr Botten reportedly said."
http://www.postcourier.com.pg/20120309/business05.htm
