Just Waiting for GVT Approval

[Putncalls]

Then why is Duma talking about a JUN 2013 FID target?

[Palm]

Not a target; it's the deadline per the PA.

[ArtM72]

A visit to the past issues of the National reminds us of a reason IOC is in its position today where in 2009 the Gulf Province demanded the downstream facilities be built in their province...

Gulf Govt Presents Demands to Govt
Source: The National (11/9/09)

"GULF provincial government has presented a position paper to the Government and InterOil, the developer of the second PNG liquefied natural gas (LNG) project.
The paper asked the National Government (through Department of Petroleum and Energy) and InterOil Corp and partners that included Petromin PNG Holdings Ltd to incorporate in the development agreement the following:

1) The commercial interest of the Gulf provincial and local government (GPLLG);
2) The recognition of GPLLG’s infrastructure development plan under industrial and petroleum park programme; and
3) The equitable benefit sharing amongst legitimate landowners who were jointly verified in accordance with the social mapping scheme as provided by law.

"A spokesperson from Gulf Governor Havila Kavo’s office confirmed the paper had been presented and referred to petroleum prospecting licence 237 (PPL237).

"In its position paper, the GPLLG has asked that the downstream processing facility be located in the industrial and petroleum park in Gulf as stipulated under the law on the grounds that GPLLG has provided suitable land for the construction of LNG processing facilities, membrane storage tank, pumping station and or any other facilities.

"It also said the GPLLG would construct deep-water port at Vailala/Orokolo Bay for the shipment of gas and condensate oil and facilities like airport, LNG power station, LNG processing facilities, allied industries processing facilities, and residential, commercial and public amenities.

"It is understood the GPLLG had earlier met with InterOil staff especially on issues relating to social mapping and identification of legitimate landowners."

I've often wondered who owns the land adjacent to the refinery in Port Moresby where the LNG was initially determined to be built. I also wonder what law was referenced by the Gulf Province dictating the LNG facility be located there if property was provided.

[Getitrt2]

I believe all that land was once part of an Australian military base now owned by the government, and leased by IOC on a very long-term basis, part of the deal when the refinery was established.

[Palm]

Correct getit. IOC originally signed a 99-year lease on the old naval base. Very long time left on it.

[ArtM72]

Thanks. That effectively refutes my hypothesis that Duma or one of his buddies owned it and stood to profit handsomely if the LNG facility were built upon it.