RE: Worth having.....14 Aug 2023 19:02
Woodside , one of the few that remained after Shell , Conoco and others left
frustrated by the TL Government, at least now making green shoot progress
comments, that what the TL Gov has wanted for 23 years, is probably feasible
TL - all Oil and Gas to come to the Islands own industry , manned by locals.
at yet to be built facilities, via yet to be built pipelines across a 3000m+ trench
which has it's own challenges but can be done, Conoco the original holder of Bayu
had multiple plans, including a Suspended pipeline from Bayu to TL
Pipeline to be suspended below shipping levels and held in place by wires to large
concrete blocks on the sea bed, to cater for the expected 25-30 feet of seismic plate
movement, over the production life of Bayu.
After a meeting with senior shareholders, Conoco shelved the other concepts , to
build its own pipeline to its own Refinery at Darwin, work commenced late 90's
so unaffected by current problems........
Bayu providing the vast majority of income to the Island ever since, the source of
the current $17-$18 Billion Sovereign Petroleum Wealth Fund, that pays for the
annual Island budget (85-95% most years)
Bayu now dried up, NEW revenues have to be created or the Island is Skint in 7-8
years, or by max 2034 with annual Budget CUTS.
Something they cannot afford to do, a lot of their international freebie/low cost
funding , tied to them developing the OTHER sectors , to get more loans etc.....
Has to happen, we just still do not know , when and how , sector players come back
to play/fund rapid developments or TL removes its dug in heels and cost demands
introduced by Gusmao originally 20+ years ago...........
Fees, taxes etc all reduced by the recently departed Rauk Government in support of
the 2019-2022 bid round REDUCED by good amounts BUT still remained relatively
high compared to other regions (cake and eat it 😂)
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