LNG project No.2 signed
First gas shipment scheduled for 2013
By BOSORINA ROBBY
THE second LNG project in PNG, led by InterOil Ltd, has set a tentative date for its first gas shipment at the end of 2013, one year ahead of the ExxonMobil-led PNG LNG project, The National reports.
Gulf Governor Havila Kavo (left) and InterOil chairman and SPI 208 director Phil Mulacek signing the project funding, construction and shareholders agreement on behalf of the people of Gulf and the three InterOil partners yesterday. At right from Mulacek are Treasurer Peter O’Neill, Prime Minister Sir Michael Somare and Petroleum and Energy Minister William Duma. –
This was revealed by partner Liquid Niugini Gas Ltd (LNGL) chief executive officer Henry Aldorf yesterday at the signing of the project funding and construction agreement and a shareholders agreement between LNGL, South Pacific InterOil (SPI 208), Energy World Corporation (EWC) and Gulf Governor Havila Kavo.
The signing was witnessed by Prime Minister Sir Michael Somare, Petroleum and Energy Minister William Duma, Finance and Treasury Minister Peter O’Neill and Internal Security Minister Mark Maipakai.
Yesterday’s event essentially marked the launch of construction of the US$4 billion three million tonne per annum (mtpa) land-based LNG plant in Gulf. It would be developed in two phrases – 2mtpa and 1mtpa expansion.
These agreements followed an announcement last September of a partnership between Pacific LNG Operations Ltd and EWC.
Aldorf explained that the LNG plant would be built economically, compared with other new LNG projects and would provide the Asian market with clean energy.
He said this was due to a new financial modular that was developed with other partners to ensure the second LNG would deliver in record time.
He thanked the partners involved in the project and the landowners and provincial and national governments for their assistance in making the project come to reality.
Whatever IOC "had" now belongs to TOTAL SA......... it's over, folks
Watch how fast IOC blows through "the money"
Ha ha! They already blew through $50 million propping up the stock!
PNG revolves around these things:
-- exploitive natural resource scams
-- illegal timber harvesting
-- drug trafficking
Sure, they have natural resource, but those who go in to plunder them never seem to create any value for anyone so unlucky as to be an investor
Now we know why our CEO always wear a pink shirt - it is his job to excite the ox so it work at the oxen rig that much faster. It is all team work. The bad news is that they just found out the OX is colour blind. The good news is that they just bought another ox with the 500 millions in hand.
I just heard about this rumor again from a new source. Just won't die.
Sentiment: Strong Buy
Hession has proven nothing in the 15 months he's been at the helm, save for how to crush the pps close to 25%.
Now try and tell me I'm wrong!
Why would he buyback shares at 57.70??? He has to know something good regarding wells..........thats my take
Sentiment: Strong Buy
LNG has been the play for the last 2 years and will be for the next year or two.
My feeling are if there was a deal worthy of 75 -90 or 110 the Street, investment bakers, insiders and Hf mgrs would have the stock a lot close to those targets.
Good luck - but this seems like a 30-42 target is achievable
IMHO IOC had no business whatsoever buying back stock. With zero revenue, an enormous cash burn, and potentially a massive investment to be made in an LNG plant it was a huge waste. They could have drilled another well for that.
LMAO. Who would buy "what's left"? Total already bought and paid for anything worth anything. Maybe they have a 20 year plan?
Sentiment: Strong Sell