12:35 pm on 12 August 2016
RNZI / Johnny Blades
A government delegation is due in Papua New Guinea's Hela province today to respond to disgruntled Highlands landowners threatening a shutdown of the country's major LNG (Liquefied Natural Gas) project.
"We declare our first goal to be for every person to be dynamically involved in the process of freeing himself or herself from every form of domination or oppression so that each man or woman will have the opportunity to develop as a whole person in relationship with others".
- Papua New Guinea National Goals and Directive Principles
Tuesday, 16 August 2016
Wednesday, 3 August 2016
UBS maintained a Neutral rating on ExxonMobil (NYSE: XOM), and cut the price target to $86.00 (from $90.00), following the company's 2Q earnings report and conference call.
Analyst William Featherston commented, "1) reiterated 2016 capex guidance of $23.2bn (down 25% YoY) but inferred spending would likely come in below budget due to market savings, efficiency gains, & commencing projects on time & on budget; 2) made no change to its 2016 production growth range of ~4.0-4.2 MMBoed (flat YoY); 3) initial seismic images of Skipjack point to comparable resource potential as its Liza discovery (0.8-1.4 BBoe) offshore Guyana; 4) noted there is a "strong case" that the gas from the recent InterOil acquisition in Papua New Guinea will ultimately go to its existing facility at PNG LNG (rather than a separate LNG project); & 5) we lowered 2016-17E EPS from $2.79/$3.77 to $2.38/$3.59 on lower Upstream earnings for 2016 & Downstream earnings for 2017."
Thursday, 28 July 2016
Project PartnersInterOil’s appraisal of the fields found 10.2 trillion cubic feet of likely reserves at the end of 2015. Oil Search released results Friday of a separate analysis of those fields that estimated likely reserves at 6.4 trillion cubic feet. Oil Search said it would do a different analysis if it were to purchase InterOil that would include gas condensate volumes and another appraisal well that could unlock an additional 1 trillion to 2 trillion cubic feet of gas.
Exxon has pursued InterOil’s assets in the past. In May 2013, the energy explorer entered into exclusive talks to acquire a stake in InterOil’s Papua New Guinea discoveries, estimated at the time to hold the equivalent of 9 trillion cubic feet of recoverable gas. The talks collapsed later that year for undisclosed reasons.