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  • bonkthegrups bonkthegrups Jul 18, 2013 11:03 PM Flag

    News: Gulf province lashes out at IOC

    Gulf leaders stand firm on LNG processing
    Source:
    The National, Friday July 19th, 2013
    THE Gulf provincial government is adamant that its natural gas resources will be processed within the province and not in other parts of the country.
    This means that the developer of the proposed Gulf LNG project will required to build and operate a liquefied natural gas processing plant in Kerema.
    Governor Havila Kavo, Kikori MP and Labour and Industrial Minister Mark Maipakai and Kerema MP Richard Mendani stressed this point in a joint statement in Port Moresby yesterday.
    In a show of solidarity for their people, the three leaders issued the statement after a meeting with senior executives of InterOil at the Ela Beach Hotel.
    “This is the firm position of the provincial government on behalf of its people and will not change even if a new developer comes into picture,” the leader said in a statement.
    “We reaffirm the provincial executive council decision on Dec 17, 2012. This decision was further ratified unanimously by the members of the provincial assembly on Dec 18 in line with the wishes of the people of Gulf.
    “Since the LNG project agreement was signed between the Liquefied Natural Gas Ltd (LNGL) and the State in 2009, InterOil had continuously failed to honour its commitments under the agreement.”
    Kavo added: “The poor performance of InterOil and its failure to honour key terms under the 2009 deal was relayed to the InterOil board chairman Dr Gaylen Byker, chief executive officer Dr Michael Hession and vice president corporate development and government Isikeli Taureka in the meeting.”
    The leaders said that InterOil’s commitment had been less than forthcoming and the final affront was when InterOil failed to make a final investment decision (FID) by the required June 24 deadline this year as required under the 2009 agreement signed with the Government.
    They also remained unmoved on the “no pipeline” policy for their oil and gas.

    Sentiment: Strong Sell

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    • Nice try SHORTY, O'Neil is in control and it's clear he okay with IOC. You have to read more than one article to understand the big picture but again nice try.

      Sentiment: Hold

      • 1 Reply to rsdmdd
      • "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. – Nationalpic by EKAR KEAPU"

    • zimmerbros@rocketmail.com zimmerbros Jul 19, 2013 6:19 AM Flag

      It's clear the entire leadership of Gulf Province is VERY unhappy with InterOil. How can InterOil possibly succeed with a local relationship that is that poor?

      Not only has InterOil skruud up royally on community relations it appears they have to borrow even more money on the working capital facility to keep the refinery running. Ouch!!!!

      Sentiment: Sell

      • 1 Reply to zimmerbros
      • zimbo, don't you knw anything? It's not to keep the refinery running; It's to finance growing business, including perhaps future processing of condensates! Also, the Company has good community relations and is in the best shape ever to deal with them with current staffing.

        They will not stop IOC and XOM now, or even delay it. The NEC already knows the best way to proceed with development of E/A and supports it, and no one else can stop it now. The deal with XOM will close without further delay, the resources will be developed in multiple directions, and Gulf Province will benefit enormously along with the rest of the country. IOC now has the support and the team in place it needs.

    • Parliamentary representation of the Gulf is minimal, and the Gulf MPs' opposition to supplying gas from EA to PNG LNG comprises less than 3% of Parliament. The Gulf LNG option and immediate infrastructure build of a CSP and pipeline to the Gulf coast will appease these MP's, and if anything, their sense of urgency in building infrastructure in the Gulf will lead to a faster additional sell-down of EA to XOM, RDS, TOT, etc.. and FID of Gulf LNG's 1st train, so this pressure may turn out to be positive. But it's no surprise that the Gulf leaders benefit most from gas being processed in the Gulf. Their representation in Parliament is just too small to slow down closure with XOM. O'Neill and almost all of Parliament want gas from EA to supply PNG LNG's 3rd train, as was evident when O'Neill addressed Parliament about the issue in late May and was greeted with an overwhelmingly positive response.

      Sentiment: Strong Buy

    • Hilarious really - O'Neill has been clear - crystal clear in fact....PNG is the negotiator....the provincial gov't is a non-factor...

    • OMG, this can only mean that RDS is upset about not getting their hands on our STUPENDOUS resource!!!
      Expect a huge takeover bid from RDS first thing in the morning.
      Connect the dots,,,,,,

    • Non issue. Oneill is on record that the government is responsible for dealing with the landowners.

      Good luck longs
      Jdeo

      Sentiment: Strong Buy

      • 3 Replies to jdeo1969
      • If we're going to post silly, inconsequential quotes from non-essential players, and then build them up into a potential big deal due to the possibility of uncertainty they could theoretically cause, wouldn't it make more sense to stick with Duma...I'm sure he's said something that contradicts his boss recently...

        Only in Italy can 3% of parliament hold sway over the 97%

        Sentiment: Strong Buy

      • A "non-issue", JD? That's not only incorrect, but naive. This really reminds me of local homeowner's associations here in the states. They absolutely matter when it comes to the entitlement process for real estate projects. They cause delays. They demand money, or in-kind infrastructure. They throw wrenches into what should be and likely are economically productive and beneficial projects. To act as though they are non-issues or do not matter is not true. In PNG, Lord knows what this might mean. Oh, well. What's another extensive delay at this point?

      • I assume you mean that the social mapping is a non-issue (for IOC or its potential partners).

    • elites_steal_from_muppets elites_steal_from_muppets Jul 18, 2013 11:56 PM Flag

      Anyone now have any doubts who leads the shorting army? Who is sowing the seeds of discontent and profiting from it? Come on man....Duna and kavo tie to the hedge funds shorting this byatch. They never intended to let IOC succeed. They will stop at nothing to stop IOC.

      • 1 Reply to elites_steal_from_muppets
      • They did stop IOC a couple of years ago. They will not stop IOC and XOM now, or even delay it. The NEC already knows the best way to proceed with development of E/A and supports it, and no one else can stop it now. The deal with XOM will close without further delay, the resources will be developed in multiple directions, and Gulf Province will benefit enormously along with the rest of the country. IOC now has the support and the team in place it needs.

        Sentiment: Strong Buy

    • Seeing that the PNG goverment has a large stake in this project the chance of it not happening is zero.

    • elites_steal_from_muppets elites_steal_from_muppets Jul 18, 2013 11:48 PM Flag

      Bwaaahahaha
      In other words, IOC refused to pay for houses in Australia on the sly for Kavo and Duma, so Kavo and Duma the wicked witches of the PNG, busted bad on IOC. LOL !

      They cannot hide it. It was very visible when Dufas spoke out against Exxon. He plays like he is insatiable, but he just wants his GRAFT.

      THEY HAVE NO POWER. ONeil will #$%$ slap them into place.

      This is hysterical. If indeed, this is the PNG way, WHO WOULD INVEST THERE? Kavo and Duma you ruin the whole nation when you behave like jungle trash, just looking for a "fix".

      Wow, what a comical situation.

    • Gee, Phil's brother in law certainly did a great job of government relations. To bad we can't go back and sue Phil and his shill brother in law over their botched job. Looks like complications could delay our deal a bit longer. Hope I am wrong.

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