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It’s a really interesting situation that’s developing. Maybe ADNOC and NewMed could bid against each other for PRD. Funny that Keith mentioned Abu Dhabi oil cos. Mubadala Investment Corp (essentially owned by the same entity that owns ADNOC) recently bought Fortress Investment Corp (Shannon LNG?) from SoftBank.
If you look at how Mubadala Energy (subsidiary of Mubadala Investment Corp) have operated, they tend to buy stakes in assets that they then roll up into ADNOC.
It all boils down to the ‘optionality’ that GRH spoke of at length some time ago
I imagine NewMed could command a much higher premium if they could lay their hands on a few Tcf of high margin gas. Or is it more‘gorilla dust’?🤣
https://www.nasdaq.com/articles/panel-reviewing-bp-adnoc-offer-for-israels-newmed-seeks-higher-price-sources-0
You can see the logic in such a deal. Morocco would give tNewMed access to a ready made pipeline as well as a presence across the whole of the med.
https://www.thenationalnews.com/business/comment/2023/04/03/why-newmed-could-transform-east-mediterranean-gas-to-continental-prominence/
There are several technical/academic papers which make reference to the depth of the sediments in the Guercif basin. I’ll see if I can dig them out but in any case they’ve been well discussed to death here previously
From 2018:
https://www.scotforth.com/index.php/scotforth/news/1-hydrocarbon-morocco
Just wondering though, why during the final consultation did the minister stonewall Mag Mell? (See p12)
https://www.gov.ie/pdf/?file=https://assets.gov.ie/243529/cee6893c-3304-4507-9bb1-5bd91fd064d0.pdf#page=null
Was it a 🤫 or was it a 🖕? 🤣
Spot on,DB. Potentially a massive customer or partner in some capacity. I find it funny how certain of the FUDsters have portrayed Super Cerame as a one-man band who might need a bottle of Calor gas dropping off every few days or so :-)
From little snippets I've found about Miloud Chabbi, he was an old school, principled man and something of a philanthropist and the corporate DNA of Ynna holding is a reflection the man himself. I imagine the public statements by PG about not wanting to rip off the Moroccan people would play well to the Chabbi family and to Ynna Holding if they wanted to do more substantial business with PRD.
Interestingly Super Cerame are owned by Ynna Holding, which in turn is owned by the Chaabi family. Miloud Chaabi was the founder of Super Cerame and then began to branch out. Before his death in 2016, he was the richest man in Morocco.
Ynna Holding seems to be something of a 'Local Conglomerate' in much the same way as Massy in Trinidad. They've got their fingers in pies such as steel, concrete, paper & packaging and PVC production.
I wonder where they get all their energy from? And would they like some of ours? :-)
Mick
https://alchetron.com/Miloud-Chaabi
http://www.ynna.ma/fr/industrie
Then there’s also the risk of a megatsunami :
https://www.e-education.psu.edu/earth107/node/1609
Just to whet your appetite 🤣
https://www.youtube.com/watch?v=KFqFf0NaUPo
Top 20 gas fields at approx 5:10. I wonder where Guercif will rank? 😘