PRL15 whole. Esso expand modules, Gulf LNG 2 train proposals compete on same Asian importers. Off take contract dictate winner scheme. New operator offer 30 years over dollar per unit saved. Lose supply deed lose project.
Kavo not strong support in home province. Havila long made satisfied in Gulf on LNG and Purari Hydro. Monies funded commit made. Much misundertand and unrest in villages. DPE Duma and Kavo both self horn blowers seek survival. Third LNG project is focal for PNG, not the complete second. EM in all.
METI has formal backed comprehensive cooperation on LNG for JP units to purchase in PNG. Detail enough in planning for financial commit. Train 3 and 4 done. Boards approve then government signing. Costs on Gulf LNG near submitted and repeat with METI. New EM rigs are sourced.
New PM urged alliance. JKM teams PTB. Above question consortium.
Three bidders say 'we will not be outbid'. CEO retirement known Nov 12. EOM fanfare was announcement. New CEO choice made, ongoing compensation negotiation. Named post transaction - no before. Big Asian name. Interoil should not exist. Stronger transaction resulting from extending bid rounds. Strongest transaction only chance IOC survive. Calculated ongoing bid process. IBs earn fee. Quick deals are made at seller's loss.
Contract satisfied, celebration over night. Departing this beautiful island. Afternoon travel to Russia new project. Other consultants and contract engineers of Japanese interests to same destination. I will have no further insight to provide.
Some colleague see. Some I see. More than one hand count. Room for each bidder. MOU decided LNG partner, SD and upstream prl15. E&P farm ins 237 and 8 selection. Friction on Board, include multi national company and sovereign which value stakes 15%. Host prefer sovereign. LNG operator bids have declined 12% as LNG projects delay in region. Expansion immediate near parallel. Cheaper is better when choice between quality sub contractors. Governor Kavo in line for assurance. Korean stage now. Oil men pleased Kalinoe has left and Petromin is absorbed.
Mentioned. Demand of Petromin dismantle has uncovered unauthorized contact between Petromin and key national Ministries and Gulf LNG bidders. Contact unknown by Investment Bankers and Prime Minister's team until last week state visits with Japan and Thailand. E-mail, phone and text logs are gathered and parties in Australian and on east and west coast US are incriminated. Obstructionism and mis-information removed. Process clear.
Overnight. Interoil and partners now hold three acceptable Gulf proposals. At least one said to prefer refinery site over bluff location - faster cheaper build. PM O'Neill deliver two requirements for PNG support of East Asian consortium as project operator. Consortium advised to resubmit proposal to compete. No clarity yet. Details unknown beyond negotiating units. Selection depends on JKM response timing and has unknown deadline. Sense is all parties obligted to proceed immediately upon selection.
JKM has been preferred partner for PNG, IOC and partners. Petromin alliance with RDS cut JAPEX from working agreement with Petromin to fund, train and develop PNG's second LNG project and specifically from Elk and Antelope. Search history. JKM deal is contingent upon Petromin removed as State representative. O'Neill to detail PNG replacement of Petromin in JP tour this week. JKM prefer contract operator, PNG prefer SM as operator. Think which Super has moved to Gulf and will surely have an LNG Plant in Gulf Prov.
Interoil no preference long term. Negotiations now between PNG, Super and JKM. PNG to likely throw weight here. 100% production to SK and JP either scheme. Take over talk has stopped as PNG is behind this plan and made it known.
A friend used the word 'drafting' in place of 'negotiating' in meetings today I understand.
His reference was to yesterday's meetings. PNG hasn't enough bandwidth to support the ongoing VCs.
Sorry for ambiguity. Well more than fine. Logs problematic to selection, bidders require few extra days. Today's considerations of proposals was pushed to 12/22.
NEC approval binding and outlined. Remain only final documents preparing, camera and handshake. Goal still 12/28 for press. Sell Down anytime or next Q1. Problems with Ant-3. Logs like these have not been seen before by most PEs. Guess now short list upped 4-5. Recovery rate assumptions have been upped. Accepted as proven basin. Prospects will be properly valued by winners. DMO is driving progress and process os not open ended. PM and LNGL in control of timing.
IOC negotiators have secured bottom lined PA amendment. Word 'had' can now be used to describe a bid list of 6. Now 'have' is used to refer to only pair remaining. JKM which offers a bit less $/M with financing throughout first 2 trains and guaranteed OT's at going rate and IOC remains upstream developer. French giant able to pay more $/M, pay cash for CSP and LNG and take larger equity stake. Option 1 better for IOC in 3 yrs. Option 2 near buy-out numbers and IOC controls all other prospects with SM JV offer. Option 2 profound effect on pps on announcement. Goal by 12/28. Expect sooner if todays meetings deliver.