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The 'politically, stranded assets are not so now.
The regions maritime boarders have recently been internationally determined. TL gov has seen the sence in NOT following through with the admirable, but hugely expensive vertical integration.
Now the $16b sovereign fund can be focused on the 1m local island populus.
The world needs gas, we seem to have an abundance, Shell drill confirms this.
Lot of focus on this latest and last round of licences.
A LOT!!!
That last one was from August 2020, since Santos ENI have MOU to backfill Bayu with Gas from other
sources and also develop a carbon capture facility at Baya
Woodside have stated preferred production option to connect Sunrise via the pipeline that connects
Bayu and Darwin if completed the tie in pipeline would run straight past Chuditch for easy tie in for
us also
Santos have also expressed they would like to tie into the same pipeline but with a new line
heading South from Barossa to connect much further down the pipeline
By the time Sunrise depleted, Chuditch could be a ready made multi well FFD to backfill
from Bayu Undan after Sunrise turned off/depleted
Revenues from Bayu-Undan have fed a sovereign wealth fund that underpins East Timor’s economy. But with the petroleum money set to dry up by 2022, when the field is expected to cease operations, the country’s leaders have made the development of the 142 billion cubic metre Greater Sunrise gas field a top priority. However, the development of Greater Sunrise, which straddles Australian and East Timorese maritime borders, has stalled in recent years as East Timor’s government insisted the gas be processed at a yet-to-be built LNG export facility on its shores, rather than at existing plant in Australia. The Tasi Mane development option was considered commercially unviable by Woodside Petroleum, which operates the Sunrise project
Santos CEO last week on the new cooperation MOU with NYSE listed ENI
The non-binding agreement is a demonstration of intent by both parties to collaborate together and with OTHER PARTIES in the region to use existing infrastructure more efficiently, unlock the wealth of regional gas resources
All ref's to Bayu Undan and the Timor sea region
ENI already have close ties with Timor Leste , including a wide range of social events and org's
they support with funding, several of those social programs with Timor Gap the local NOC
OZ press 5th May 2021
APPEA Chief Executive Andrew McConville said Origin’s four-year supply agreement with Australia Pacific LNG, has secured up to an additional 91 PJ of gas from January 2022 Australia’s oil and gas industry is helping ensure we keep the lights on at home, and our hospitals and other public facilities operating, by continuing to deliver energy to the domestic market. “Today’s announcement is another reminder that intervention by Government isn’t needed to get more supply into the market. “A recent EY report found that there is a national economic boost of over AUS$350 billion and a boost to employment of around 220 000 jobs over the next 20 years if we can get the investment settings right
You ok Bridgedogg after that mauling ... If you’re going to bring it at least do your homework. You just got handed your backside to you lol
Stay on UKOG and keep flogging that dead horse lad
more politics ,license again stalled and area designated and returned to Timor Leste
ownership and the license number changed to TL-SO-19-16 from JPDA 06-101A
and eventually in November 2019 awarded to SundaGas, who since 2016 have been
assisting the locals to progress their own regional licenses, first applied for Chuditch
in 2016 also, suspect rewarded in 2019 for their efforts
Developed in the 90's , Sunrise was discovered in the 70's, Chuditch 1998 drilled
2009 to be in production by FLNG - Goalpost moved again
All the stumbling blocks now removed and Australia delighted, got what they wanted
since 2002 and the 2nd declaration of Independence, all Gas to Darwin, TL held out
looking to build $16.5b new complex at Tasi Mane on the East Coat, now cancelled
even the Chinese decided not to fund it as not economically viable
currently it would have had Sunrise under TL regional authority, THEN nothing
until new fields within the TL maritime boundary became available if any beyond
the only other known Chuditch
All else in the region and the rest of the Timor Sea under Australian or Indonesian control
Chuditch developed during the 90's £37 Million (what that 30 years later) spent by Shell in development
and mapping and finally drilling DISCOVERY well in 1998
politics politic and more politics, moved on Minza had a look , then FLNG came in to have a look
with plans for PRODUCTION 2009
KYRANIS 3D survey in psTm oh shocker Chuditch present poor depth perception quality
psDm re run should give prettier pictures and OH another shocker will just like 2012
show Chuditch, its the SAME DATA, will just stand out better in a cleaner picture
2009
MELBOURNE, June 30 -- Flex LNG of Norway has entered an option agreement to acquire control of Jersey-based Minza Oil & Gas, which holds a 100% interest in permit JPDA 06-101A in the Joint Petroleum Development Area between East Timor and Australia. The permit contains the one-well CHUDITCH gas discovery made by Shell in 1998. Flex is a floating LNG specialist working toward commercializing gas discoveries
https://www.ogj.com/pipelines-transportation/lng/article/17276885/floating-lng-system-eyed-for-timor-sea-find
Page 7 , as also suspected by Shell, Chuditch might be leaking and feeding Sunrise
Shell also suspected the Chudich , Chud North, SW, etc might also all be ONE huge
gas reservoir, that is one of the things the re run OLD 3D in psDm should clear up
see page 2 blow up of area around ch-1 discovery well and those to the left
What price if it is , link them together and their GIIP for those leads would be more
like 10 TCF (1.7 Billion boe) with still the possible additional Oil/Condensate on the
South West side of the license
https://www.laohamutuk.org/Oil/Project/SO-19-16/SundaGas9Jul2020.pdf
The new coalition gov of TL recently agreed to scrap the plans to build their own O&G infrastructure, after the Chinese bank refused to lend them money to build one saying it would be uneconomic. They are now ok to send the gas to OZ, thus speeding up the monatisation of their natural assets.
always fact's over ****wit m8
HFB- I agree with all your analysis. I’m invested heavily in boil and just waiting on copl profits to then add more here. Hurry up copl :-)
When East Timor got independence for the 2nd time in 2002, Woodside wanted to take to its
own being built section of the huge Darwin complex, its preferred option to link to the
Bayu Undan pipeline 500 odd km that already goes to Darwin, Bayu now depleted and both
Woodside Sunrise and Santos Barossa want to resurrect those plans to back fill the pipeline
Woodside remained and are the operator of Greater Sunrise, they have wanted to take it
to Darwin since it was being built in the early 2000's , Its been in many of the news articles
I have posted but here's one to save you looking
16th October 2020
We at Fitch Solutions believe that the replacement of senior officials in Timor-Leste’s petroleum industry heralds a sea change in the government’s approach to developing the Greater Sunrise gas fields, and an end to longstanding ambitions to build onshore LNG processing and oil refining facilities at Tasi Mane. (South East Coast)
https://www.fitchsolutions.com/country-risk-sovereigns/timor-lestes-government-forsakes-tasi-mane-ambitions-16-10-2020
Eddy that is all ancient history, the $16.5 billion plans for refineries all scrapped
Woodside the operator now get to do what they wanted 20 years ago , send all
to their own facilities in Darwin, nothing that has gone on in the past 47 years
counts for anything
2020 onward , area and resources now moving on, as will THE biggest identified and
drilled DISCOVERY by Shell the only immediate license along with Buffalo re-dev
that is not a complete wildcat new license, 18 of them up for grabs, why fish in the
dark when you have a tank full of them
Evening all, great info as usual HFB.
BD - Shell already drilled there and proved potential in 1998.
HFB - Where is the source that Timor Leste have cancelled plans for there own refineries and will instead be going to Woodside, Darwin? You've probably posted an article before but I can't find any info about this online, perhaps I'm useless at doing research haha! :'(
just blah blah in the rna message, shell drilled and discovered, a norwegian firm made
plans to go into production in 2009, wake up and smell the roses, your head is stuck
in the compost patch
The play is the regional development and another OPERATOR , what boil a stringing
along is just bland standard blurb, that will be ripped up and thrown in the bin by
the new OPERATOR, that will set the timescales NOT BOIL or SG
That same article also includes two interesting nuggets- TL gov devalued the assets in the eyes of the majors by insisting on all gas be dealt with in TL and then on the other hand TL paid full value to acquire the assets - hmmm I guess TL know a good thing when they see it. Also, Woodside state they are not ruling out investing in the upstream. All sounding juicy to me.
Guys, while you are waiting for 'the Australians' and'the Chinese' to start a multi billion dollar bidding war for Boil, the management are trying to decide whether or not it is even viable to drill an appraisal well.
FROM THE RNS
"We are delighted that the Earn In arrangements have now been completed with the issue of new shares in SundaGas TLS to Baron and that the Company has secured a materially increased interest in the Chuditch PSC project. Everything is in place to allow SundaGas Banda to undertake the PSC technical work programme activities, especially the critical 3D seismic reprocessing. These works will enable an up-to-date assessment of the true potential of the Chuditch discovery and of the viability of drilling an appraisal well and further exploration wells in a timely manner."
Bridgedog lace your hiking boots up, there's a steep climb ahead... If you can't stomach heights then stay in your kennel
You keep setting them up Bridgedog, and HFB will keep whacking them.
bridge NOUN
a structure carrying a road, path, railway, etc. across a river, road, or other obstacle.
and we all know what live under bridges
dog
NOUN
a mammal that typically has a long snout, an acute sense of smell, non-retractable claws, and a barking, howling, or whining voice.
synonyms:
hound · mongrel · cur · tyke · ***** · whelp · doggy · pooch · mutt · doggo · Rover · Fido · mong · bitzer
derogatory
an unpleasant, contemptible wicked man
Guessing the Oxford English Dictionary was not the source of your name then
My apologies not $64b ITS ACTUALLY $65-$75 Billion - 25th March INTRO
Offshore Greater Sunrise: A $75 billion oil and gas giant?
Timor Leste is the majority shareholder in the Greater Sunrise fields, containing more than 5.13 trillion cubic feet of gas, worth at least 50 billion dollars. The blocks contain 225.9 million barrels of condensate reserves, worth over $15 billion
THATS this year 25th March 2021 maybe you ought to learn to read quicker and catch up with the
past years events
try to keep up slow coach, TL Gov have since capitulated and cancelled plans that
have been the hold up for many years to build their own refineries and Woodside
and OZ happy they have finally got what they wanted all production to go to
Woodside own refinery in Darwin
$64B project like the area back on the move , try another rub of the two together