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Permalink Reply by adubu on July 15, 2012 at 14:41

That article support those that have Nat Gas proven with offset wells and  your lease has expired You should lease only with either EOG or best XTO/XOM is you have chance with good terms and don't sweat what the bonus is.

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Permalink Reply by GoshDarn on July 15, 2012 at 16:33

Thanks for posting the link to the article, bjj.

It's an informative read and offers some strong insight into XOM, XTO, and the future of fossil-duel development, etc.

FYI:  A couple of weeks back, I was talking to guy about Exxon's big bet in Papua New Guinea.  Hey, it seems when you work "six-weeks-on" in PNG -- you get to live in Hawaii in your off-time.

Yep, y'know -- that really got my attention, as I'm sure it also grabbed the attention of a good many American roughnecks who might've jumped at the chance to work for Big E. in PNG.

 

GD

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Permalink Reply by adubu on July 16, 2012 at 15:59

GD--- IOC has a large gas field in Papua New Guinea--- this stock has been touted for last 4-5 years and has moved all over the place 20-90 and back several time. The Government in Papua along with a couple broker house and XOM have been on and off about construction of large LNG plant to export the gas. Presently it look like they may put it together and get it done. A Friend of mine who was founder of a eng. firm that couple years ago when public on UK market has a market cap of 6 Billion which he started for $10,000 35 years ago was shorting the stock(IOC) on and off over 2 years untill he gave up after losing 3 million on trade-- reason he shorted them was his company was never paid a $100,000 consultation fee on contruction of their refinery. They had no money cash flow but lots of debt. The gas field is Huge but got have the LNG plant to get the gas to market.

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Permalink Reply by Les Bamburg on July 16, 2012 at 16:50

Adubu, just to clarify there are two separate LNG export projects planned for PNG.  The ExxonMobil operated PNG LNG project will have an output of 6.3 million tonnes per annum (MTPA) and is targeted for start-up in 2014.  Feed gas will come from three fields (Juha, Hides & Angora).

 

The Interoil operated Liquid Niugini project has not yet been successful in landing customers or financing.  Interoil did set a world record flow testing one of their wells at 705 MMcfd plus 11,200 BPD of condensate.

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