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Pick the ***** out of that lot ππ
https://y.yarn.co/0da04643-ff4b-4f76-9bdc-7c016ce4180e_text.mp4
Baron Oil is seeking investors to back a relatively low-risk appraisal drilling campaign at the Chuditch gas field offshore East Timor. Possible suitors include Eni, Inpex, Santos, Petronas, and even Chinese national oil companies (NOCs), for the potential LNG project. Significantly, the field, discovered by Shell in 1998, is expected to be larger than initially thought, following modern seismic interpretation work, Baron Oil told Energy News in a recent interview. The mean contingent resource is now estimated at 1.16 trillion cubic feet (cf) for Chuditch, up from around 700 billion cf previously. Adjacent prospects offer an additional 2.1 trillion cf of prospective resource potential. Baron expects to drill a Chuditch-2 appraisal well in late 2024, subject to drill financing. "We have several discussions with various parties for financing and we are working on all aspects of funding. However, we are very confident that we will drill, hence preparations are already underway," Andy Butler, Sunda Gas, told Energy News.
More to follow
The Chuditch PSC expires next month and extending another year into 2024 will require the operator to commit to drilling an appraisal well, which could easily cost US$25 million to US$30 million, Robert Chambers, an APAC-focused upstream energy expert, told Energy News. Funding the drilling could prove challenging for Baron, so an ideal solution would be a farm-in partner, who could carry them through this period, added Chambers. Baron have set out several potential developments for Chuditch and the other prospects in the PSC. Commercialising the gas will require access to an LNG liquefaction facility, be this a floating LNG(FLNG) plant at the field, a new onshore LNG plant in East Timor, or the gaining of access to existing or expansion LNG trains in Darwin, such as Santos' Darwin LNG or Inpex's Ichthys LNG. Of these, the standalone FLNG solution is likely to present the quickest path to first gas, added Chambers. "Based on Baron's resource estimates, a standalone FLNG development around the 2 million tonnes per year (t/y) scale would certainly be commercial in today's LNG price environment," noted Chambers. Moreover, "the new government in Timor Leste is very focused on accelerating oil and gas development and understands the positive impact that the revenues could have on the country's economic future. Timor-Leste has seen positive signs, with a successful 2022 bid round seeing blocks awarded to Santos and Eni," he added. "It is likely that any investor would require experience in the LNG space and, ideally, the experience and patience to navigate the above-ground challenges. This would put companies such as Eni or INPEX into prime position. Santos could also be included on this list, but will likely be focused on solving their development challenges at Barossa. Other options could include PETRONAS for their FLNG expertise or the Chinese NOCs," said Chambers.
More to follow
LNG opportunity attracts attention. Marc Howson, Head of Asia at Welligence Energy Analytics, told Energy News that "Chuditch is a significant shallow-water discovered gas resource, located near several gas-short Southeast Asian
markets. It therefore does attract attention from investors willing to consider taking appraisal risk on a project likely to start up by 2030." "Potentially interested investors include FLNG infrastructure companies, who would consider taking
upstream exposure and would help progress the development with technical expertise as well as funding. Private energy-focused investors, with medium-term investment horizons, are also likely to be interested in Chuditch," added Howson. "Assuming a new investor contributes towards drilling costs, we expect an appraisal well to be drilled on Chuditch in late-2024, followed by potentially another appraisal well in 2025. If successful, the operator could take FID on a Chuditch FLNG project in 2026, before first gas/LNG production by 2030," said Howson.
More to follow
Chuditch could supply around 300 million cubic feet per day of feedgas into a 2 million t/y FLNG vessel by 2030, with carbon dioxide (CO2) stored through carbon capture and storage (CCS), noted Howson. "We understand Chuditch's gas contains around 18% CO2 and the CO2 will either be injected into the Chuditch reservoir as CCS, or exported to Bayu Undan CCS," he added. Welligence expects Asian LNG prices to exceed US$9/MMbtu in 2030, which, supported by Chuditch's location close to several LNG-importing markets, incentivises the development. Regardless of the development route taken, the end goal remains the sameβthe lucrative Asian LNG markets. "So, teaming up with investors who have expertise in FLNG developments makes the most sense for potential joint venture partners. The Asian LNG buyers tend to pick up equity near FID when a project is more concrete," Krishan Pal Birda, product manager Australasia Oil & Gas Solutions at Rystad Energy, told Energy News. "The other challenge is the 18% CO2 content in the reservoir which the operator plans to either reinject or export to the planned Bayu-Undan CCS. Adding this cost of carbon abatement to FLNG's cost and complexity could potentially challenge the economics of the project if the resource is not big enough. So, we'll have a lot more clarity on this after the appraisal drilling," said Birda.
More to follow
Low risk investment?
Some of the geological risk should be reduced as Baron's proposed drilling is an appraisal of a discovered resource, Angus Rodger, a senior upstream analyst at research company Wood Mackenzie told Energy News. "If the well is drilled, it will also flow-test the reservoir - which didn't happen with the original discovery -which will give us a greater understanding of the field's commerciality. However, one risk will be CO2 content though, as high levels of contaminants will be problematic," added Rodger. "This is a large equity stake and capital exposure for a small-cap explorer, and so it
will likely want to dilute that stake and bring in farm-in partners to defray costs," noted Rodger. "The good news is that because this is an appraisal of a discovered resource, potential partners will not feel like they are being exposed to frontier exploration risk. Plus, there is still healthy levels of appetite for exploration in the region - recent licensing and drilling success stories in nearby Indonesia and Malaysia is testament to that," he said. However, the key here is the value creation narrative. "Most modern oil and gas exploration is laser-focusedon finding resources that can be brought to market within a short timeframe to enhance returns. Asia-Pacific has many large, stranded gas resources, including Chuditch, that have struggled to find commercial routes to market for many decades. Greenfield development in a frontier area like East Timor will take time, therefore any fast-track commercial solutions that could bring this gas on relatively quickly, such as utilising existing infrastructure, will create a more attractive investment thesis," cautioned Rodger.
more to follow
exciting opportunity attracts lng investors off east timor baron oil is seeking investors to back a relatively low-risk appraisal drilling campaign at the chuditch gas field offshore east timor. possible suitors include eni, inpex, santos,
petronas, and even chinese national oil companies (nocs), for the potential lng project.
peter ****roft, an oil and gas expert, that has advised east timor, also known as timor leste, for decades, told energy news that "chuditch would be a very important project if it works and there should be more focus on it. "if successful, it could improve the economics for the whole of timor leste, in terms of national revenues and improving the economics for the development of greater sunrise." "chuditch could move quickly if successfully appraised. if chuditch expands and gets bigger, a pipeline could be laid connecting it to the undeveloped greater sunrise fields operated by woodside energy, whichenhances the economics" added ****roft. the timorese aspire to develop the greater sunrise field, to the north of chuditch, via a greenfield lng export facility onshore east timor. however, there are some complexities around that, in terms of getting the gas to the island of timor due to the deep water between the fields and the coastline. the operator of greater sunrise, woodside energy, has long claimed the economics do not stack up to develop the fields onshore east timor. however, if more gas is discovered in the vicinity of the greater sunrise, then the economics could be improved.
No biggie ED, said long ago , I only post here , do not do twitter or the rest anymore , so have at it , spread the good word to all and sundry ππ€£π
But your right , those days have long gone, back in the day , scientists thought our Sun was the centre of the Universe, now we have half the planet , that thinks they are the centre of the universe and all revolves around them ππ€£π
Reality TV , what a fcuk ed up bunch of role models that brings, for them to aspire to be , paid loads to be laughed at and do not have two to rub together to realise it, no wonder half the world is grey cell limited, with a, I thunk therefore I must be a genius disorder. But pretty sure I have an app for that. ππ€¦ββοΈπ€¦ββοΈπ€¦ββοΈπ€¦ββοΈπ€¦ββοΈπ€¦ββοΈπ€¦ββοΈπ€·ββοΈπ€·ββοΈ
They are still only well heeled pi trades at these prices , last big run , we had many Β£75-Β£100k+ and a whopping Β£364k trades , our resident spread man (our TR1 IG stuff) Rob B, would often call his Β£40k - Β£60k trades early doors, before they turned up in the 1700-1730 XOFF spreads Trade drop.
Even dog of the decade , ukog had 3 for Β£2m , back on its legendary floor to kiss 12p (whole pence rise) , see some real big trades and we know its on , like DK. ππ€ GLALTH
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Now 3 years since Wood group started the ball rolling with PM Rauk to do studies, Wood selected Metinaro , over co location at Beaco exports complex (if/ever built)
https://www.pemedianetwork.com/petroleum-economist/articles/gas-lng/2021/timor-leste-looks-to-lng-imports/
Then 2023 Two Indonesian companies, did the project studies
https://www.timorgap.com/wp-content/uploads/2022/12/ITA-FS-FEED-for-PIT-Project.pdf
https://www.timorgap.com/wp-content/uploads/2022/12/Intend-to-Award_TGDBUIFB022006-Metinaro-Site-Survey-Campaign.pdf
October , studies completed , data handed over to Timor Gap and partners, to conduct FEED, FID , Final Investment Decision was previously announced to be by end of 2023 or IN Q1 2024, both now expired.
Known as the Northern Project, Metinaro was announced by PM Rauk in Parliament for , gas/lng power stations x 3 to be all converted by 2025/26 being fed by Metinaro P.I.T.
Metinaro , would be ideal for our initial production phase of Chuditch 1-2 wells FPSO, would also be an option Gusmao would not decline, as it would still come to the Island (per his two decade stance on all TL o&g)
Per the ENB article I posted earlier , LNG players interested in Chuditch , likewise , someone will have to run and operate Metinaro Gas/LNG Imports terminal and 90-120 day energy security tank farm. π€π
https://www.energynewsbulletin.net/exploration/news/4201600/location-chuditch-gas-probe-timor-leste-lng-potential-eyed
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Suddenly more than doubled volume in the last half hour , from 46m to 108m aimx
fledgling , lesser spotted FOMOF ? π²
Treading as healthy as I am π· at the mo, not much chance of a FOMOF today, everyone's taken the day off. π
aimx 46m & aqse 327k
π΄π΄π΄π΄
Another nice read 18th Asia Oil and Gas mag.
The successful completion of the Site Survey, leading to the selection of an improved drilling target location with optimal seabed conditions, is another key milestone towards drilling the Chuditch-2 appraisal well. We look forward to providing further announcements on the Chuditch project, including with respect to well planning, execution and drill FUNDING, at the appropriate times,β said Andy Butler, Chief Executive Officer.π
https://aogdigital.com/news/513067-timorleste-chuditch2-well-to-be-drilled-at-new-location-following-site-surveys
back to bed , virus kicking my **** for 3 days now π·π€§π€’
Significantly, the exciting opportunity is thought to have attracted interest from LNG investors. Baron Oil is seeking investors to back the relatively low-risk appraisal drilling campaign at the Chuditch gas field offshore East Timor. Possible suitors include Eni, Inpex, Santos, Petronas, and even Chinese national oil companies (NOCs), for the potential LNG project, as ENB reported last November.
https://www.energynewsbulletin.net/exploration/news/4201600/location-chuditch-gas-probe-timor-leste-lng-potential-eyed
And page 87
NATURAL GAS
Timor-Leste has access to vast reserves of gas in the Timor Sea. The availability of natural gas for electricity generation has the potential to provide much cheaper and cleaner fuel than liquid fuels. In environmental terms, for the same amount of electricity produced, the carbon emissions from natural gas-generated electricity are considerably lower than from diesel-generated electricity. A feasibility study will be carried out to assess the long-term prospects of attracting gas processing facilities to Timor-Lesteπ
China BRI level 2 funding , coming to an Island near you SOON ! π€
Unlike Yeo ho ho and co, he will be savvy to , any raise being on success , news flow and a much higher price range, placings are good if done correctly, with a rising price after each success, not falling death spiral price on success with bucket shop wonga's, the ultra lazy mans way.π
Here's a nice confidence in the plan statement by TL , I give you page 86 of the TL Strategic Development Plan SDP 2011-30
The National Electricity Grid will provide a reliable energy supply to support the development and of further major infrastructure projects. It will also provide the flexibility to convert to the more environmentally friendly fuel source of natural gas once a DOMESTIC SUPPLY BECOMES AVAILABLE.
(Not external imports already available forever but DOMESTIC GAS when available)
They plan to build on the phase I grid built by China BRI level 1 , now upgraded to level 2 funding, that will bring Metinaro and a need for that DOMESTIC supply
Let me see who has Domestic local gas supply coming available , Chuditch first , not sunrise.........GLALTH ππ
China - Portuguese-speaking countries (PSCs).
This year's conference not only addressed the key areas of economic and trade cooperation between China and PSCs in the next three years but also underscored Macao's crucial role as a commercial and trade service platform. On Monday, the participating states SIGNED the Strategic Plan for Economic and Trade Cooperation (2024-2027).
Nine PSCs, including Angola, Brazil, Cabo Verde, Guinea-Bissau, Equatorial Guinea, Mozambique, Portugal, Sao Tome and Principe, and TIMOR-LESTE, joined the forum
Deputy PM Lay on Friday was given full signatory powers for the event, by the TL Parliament, due to PM Gusmao being in Europe until today.