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Agreed. This was clever public relations to dampen down criticism of the PSA. Just add some uncertainty.
“I don’t want to mismanage people’s expectations saying this is a guaranteed oil field in five years’ time. At the moment we can’t say that. When you look at the Jethro and Joe release, it doesn’t mention the word commercial. It simply says that we have made an oil discovery. https://www.stabroeknews.com/2019/10/06/news/guyana/tullow-tempers-expectations-of-oil-finds/
"Although the discovery was smaller than initially estimated," https://www.rte.ie/amp/1076156/?__twitter_impression=true
15 year old El Dorado is also a good choice http://theeldoradorum.com/luxury-cask-aged/15-year-old
where is this Aces bar?
Ah right thanks..Owen Verwey of Go Invest...yes I think he's gonna walk that one back...doubt he has any info outside of what is in the public domain. As for renegotiation, one might expect some adjustments prior to the government giving a production licence, but nothing that harmful to the bottom line.
or because Orinduik is not as big a part of Tullow's portfolio?
just to clarify that remark was not from a minister but the leader of the opposition asked a question a radio programme. That should give you an indication as to its motivations.
September 16th was what was being talked about down here.
The PSAs for Tullow, Exxon and others are going to be political footballs ahead of elections...it's just something investors will have to deal with. There may be some adjustments if and when Tullow applies for a production licence but it's not going to be that material, whoever is in government .
this is not accurate reporting
Good stuff...The contracts are wildly seen here as taking advantage of the country and the government refuses to defend them. I think as oil flows you are going to see the Guyana government become more confident and experienced in its dealings with Exxon and the others.
My understanding it was done this way to avoid preemption rights. The deal is not so much about Guyana but about Total offering QP a bauble in the hope it gets part of Qatar's LNG expansion.
"not for sale"
2.5% I believe
Unitization can only occur when Tullow actually drills in that area
This from Guyana Dept of Energy press conference:“We have received a transaction letter from Total which the government is currently studying but until such time, we (need to) understand the full implications, because this is not a normal farm in that we would have seen. And we are not about to pronounce thereon. What we are finding is QP is seeking to buy into the total Guyana agreement but we can’t go further because it is early , we are in discussions with the co-ventures so we can have greater clarity.”
A MARAD notice in today's newspapers states that Exxon from June 15 to July 10 will be conducting a well test on its Hammerhead 3 well site using the Stena Carron. This will include "intermittent flaring" .
The probe has a strong political element to it and does not to date include Orinduik since that was awarded under the present government. At this point if Tullow was to strike oil, the block would be secure although one could expect some renegotiation of the PSA as part of gaining a production licence.
I'm thinking The African Oil CEO misspoke. Meant July 8 not June....