GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
"The latest setback to Santos’ flagship project comes at a sensitive time as a loan from the Korea Trade Insurance Corporation to SK to support its investment in 37.5 per cent of Barossa is understood to need to be renewed by Thursday, according to a Korean media report and number of sources not authorised to speak to the media.
Korea Trade Insurance Corporation and the Export-Import Bank of Korea which together loaned $US330 million ($470 million) to SK already have concerns about the high level of emissions the project will produce due to the carbon dioxide in the reservoir.
Santos was asked if the regulator’s action would delay the start-up of Barossa planned for the first half of 2025 and did not respond."
Looks like the project is being partially funded by the Koreans, who may be starting to get cold feet...
https://www.smh.com.au/business/companies/indigenous-culture-concerns-again-hit-santos-6-1b-barossa-gas-project-20230123-p5cewo.html
Allenby stated that they expected a JV announcement around the same time as the publication of the CPR
They wouldn’t have said that if it wasn’t on the cards would they??
https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2022/11/20221115-Baron-Oil-BOIL.L-Allenby-Capital-Chuditch-update.pdf?c3330=on
You'd have thought that TL would be better off letting the consortium pipe to Darwin, banking the increased revenue share, (80% rather than 70%) and investing the money in a battery factory or something with a longer shelf life than 30 years at Beaco, rather than spending it on their own LNG plant. They'd also be up and running far quicker...
I get the logic of the trickle down economics of having the LNG plant on TL soil, but the world has changed and the lifespan isn't going to be as long as building something more future proof...
I get the impression that there is increasing frustration in TL at the lack of progress in the Greater Sunrise talks - the very fact that the ANPM interview was broadcast live says it all.
Also, just saw this - https://en.tatoli.tl/2023/01/20/mps-no-reason-to-halt-negotiations-on-greater-sunrise-development/14/
Looks like TL MPs are ****ed off too...
DILI, January 18th, 2023 (TATOLI) - Minister of Petroleum and Mineral (MPM), Victor da Conceicao Soares, recognised that the negotiation process for the concept of development of Greater Sunrise was stopped due to the dissent between joint ventures.
" Since November 2022, there has been a disagreement that has stopped the negotiations. Therefore, during that time there was no negotiation. The Ministry of Petroleum and Minerals is currently communicating with all parties to renew the negotiations. These agreements are now aligned and will be renewed next week, " informed the Minister to the TATOLI Agency, at the Government Palace.
Victor da Conceicao highlighted the discordance between Timor Gap and joint venture Woodside and Osaka Gas.
The Governor explained why the negotiations were underway because the consortium companies wanted the legal framework to be completed, " but the joint ventures did not understand each other very little."
Therefore the negotiations have stopped and we hope that all of this will be done through mediation, which the ministry can start again," he said.
For the next new negotiations, the Minister said that it could be in Australia and through video conference, because it was for Australia, but it depends on where they will be held.
The Governor recalled that with the recent visit of the Australian special representative to Timor-Leste there was a communication to start the negotiation process.
"I myself went to Australia and had the responsibility for this sector, so what we want they are well interned. He came with good intention and intended to support the completion of the legal framework to enter the development phase, but focused on Timorese interests, "the foundation.
In 2016, Xanana Gusmao was elected as the Chief Negotiator of the Council for the Definitive Delimitation of Maritime Boundaries.
On 6 March 2018, Timor-Leste and Australia signed a historic treaty establishing permanent maritime boundaries, which marks a new era of good relations between the neighbouring country.
The treaty establishes a structure to develop the Greater Sunrise gas field together for the benefit of the two countries and the treaty reflects a partnership between the two countries that is geographically linked including a deep historic bond and friendship.
The Treaty was established by the Conciliation Commission based on the UN Convention on the Law of the Sea (UNCLOS) which directed the first species.
At that time, Australia was represented by the Minister of Foreign Affairs, Julie Bishop, and Timor-Leste was represented by the Minister of State of the Presidency of the Council of Ministers, Agio Pereira, signing the treaty.
According to Article 2 (petroleum ownership and revenue sharing) of the 6th March agreement at the UN headquarters, there is a 70% proportion for Timor-Leste and 30% for Australia, if the Greater Sunrise fields will be developed through the gas pipeline for Timor-Leste.
I think you are deluding yourself when you say the CPR is due in 2 weeks. Andy Butler said in the recent presentation that they were aiming to have it done in January, however this was quickly followed by "but don't hold me to this"....
Baron have form in missing all guidance they have ever given.
I do of course hope that on this occasion I am proved wrong.
Passiton / HFB - what is you view on Gusmao potentially becoming PM? Is this potentially a good thing ie getting Chinese to fund Beaco / sacking off Woodside and finally getting Sunrise moving? Or is it something we should fear ie yet more deadlock and inaction?