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But what we all expected. Cormick making the moves that one would expect. Sound out on the West, explain your challenges whilst suggesting a deal to potentially alleviate theirs. What's a few more years to hold. :)
They really put it up to Woodside as well. It will be interesting to see how things pan out there.
Not much point topping up here now then, years away! Atb.
It may not be what we'd hoped for, but the political wrangling is not over yet. And a pipeline to East Timor is not without its technical problems because of the 3,000-metre deep Timor Trench between Greater Sunrise and the Timor coast. Many consider it too dangerous to contemplate.
Whichever way they go, it has to get under way in the next 12 months. TL can't wait any longer. In the overall scheme of things, that has to be good news for us.
Don't forget Dunrobin - this is now the firm favourite in a 2 horse race.
Woodside want its own being purpose built facilities in Darwin 2001
production from 2003
Woodside switched its primary option to Shell's FLNG plan in 2008
as they agreed , it was financially better.
Both options declined by Gusmao/Horta, Shell , Conoco left , Woodside
declined being involved in Beaco , stated had zero interest in its operation
but agreed to stay on as default operator (care and maint since 2004 anyway)
and conduct the offshore operations , if/when the time came.
So nothing really changed in all the years, Island want Beaco , Industry did not.
For us we still gain value to our long stranded and zero valued gas , IF they get
a backer to fund the building of Beaco, it may be years away from commission
but it gives us a DEFINITE route to market , long absent.
That alone, should return value to Woodside and likewise our gas field..........GLA
Island just have to stop talking and COMMIT !
;))
Fingers crossed , Dunrobin gives us something positive soon , due to world events
North Sea back in vogue..............
Al
still those new studies to arrive
I read the originals years ago and the company that conducted them , gave the pipeline
a clean bill of health, said challenging but can be done successfully
The impact - Higher cost and longer to build, more than double , the concept of
laying pipe directly south from Sunrise, to intersect the Bayu-Darwin line.
Which was the original Shell/Conoco/Woodside fac's option.......2001
HFB, Al, in your view, at what point do the TL government bite the bullet and play ball with the majors? Surely they won't leave the resource in the ground past the point at which gas is in high demand!
It's a dangerous game to play if the cost of Beaco is prohibitive. I know that jobs for the people is the very worthy aim but surely the next best option for said people is for TL to benefit form the huge resources they have to invest in tourism and other industries that will make up for the lack of jobs from the gas.
A simplistic view but it'll become a binary decision in the not too distant future!
Howey1927, my feeling is that they will have to bite the bullet in the next few months. Timor Gap have already stated that it "expects to finalize a legal framework and production sharing contract (PSC) for Greater Sunrise this year, and then move on to a second phase of development...."
What we're seeing now, in my opinion, is a lot of political posturing by the Timorese government and Timor Gap - designed to obtain the best possible terms in the PSC. I'm no expert, but I doubt that Timor Gap could actually go it alone - I doubt Cormick's comments about being able to bring in all the necessary personnel for that scenario.
They already have , the original split was 50/50 , OZ have made compromises
to move it in the past ,so currently 80/20 or 70/30 in favour of the Island no
matter if it goes to OZ/other/or the Islands dream.
The TL tax rates, fees etc , where exceptionally high , still higher than most but
where reduced by the outgoing Gov , to encourage during the massive fail bid
round ((guess who they where higher under lol))
As the recent quotes by those involved , Woodside , Horta , the CONCEPT is still
the hold up and that is same old , same old , what the Industry want to do and
what the Island want to do (Beaco)
Tree's suggestion is a good one , more politics but a US/OZ move to fund , just
to cut the legs off any China encroachment (naval port) would benefit both , the
Island get their dream and the industry have a home for their assets.
The only issue than would be what the margins are for the likes of Woodside and
other operators, previous plans left them with very little, hence the departure,
deemed not worth their efforts for little rewards
:))
The PSC is yet to be signed with Woodside:
https://www.energynewsbulletin.net/on-the-record/news/1432373/o%E2%80%99neill-optimistic-on-sunrise-browse-ccs-and-bhp-merger%C2%A0
WOODSIDE Petroleum CEO Meg O’Neill:
"She is optimistic on...signing a PSC for development of the Greater Sunrise gas field offshore Timor Leste...."
What about getting in the expertise of a little known US company, Southwestern Production Corporation?
Thank you folks, much appreciated. I'm trying to pick my moment to pile in and I don't think it's far away.
Good luck to each of you.
Southwestern Production Corporation? Really? Why?
Not really. It was an in joke regarding another company we’re both invested in :)
Back to normal volume, placing shares now out of the way!
Somethig has to give. TL has a GDP of $2 billion, a sovereign petroleum fund of less than $10 billion, and after next year they'll lose $1 billion of annual revenue from Bayu-Undan; the CCS and LNG liquefaction facilities will likely cost in excess of $20 billion. The only way forward is for TL to compromise.
Greater Sunrise/Chuditch must be given value on the balance sheet this year - I can't see any other outcome.
Never doubt the stupidity of politicians
Agree AL
just taking their sweet time over it
the ultimate 20+ years of
the stubborn immovable object (TL Dream) versus , the profits of Industry operators
Both sides now as stupid as each other , as current price,s both would make a killing
with prices set to stay high for 2-3 years, according to the energy experts.
When they catch up and join the party, the current gas price, could have halved again.
Purpose , as stated by the Island years ago , to grow the FUND , to develop all its other
sectors, budget 2022 cut December , so already letting those sectors down...........