Premier coy on ways to stop FLNG - The West Australian:
Government sources said one possible weapon in Mr Barnett's armoury would be to refuse to grant a production licence for the giant Torosa gas field - one of the three main fields that make up the Browse resource.
Torosa is the key field in the political battle - unlike the more remote Brecknock and Calliance fields - as it is close to Scott Reef, which is part of WA, and may give Mr Barnett some leverage as without it the venture is less valuable.
When pressed repeatedly yesterday on whether he would refuse a production licence for Torosa, he would not rule it out, saying the focus was still on James Price Point.
"Well, we're not in that place, what we are doing is working with Woodside as joint venture partners to see an onshore development at James Price Point," he said.
Government sources said one possible weapon in Mr Barnett's armoury would be to refuse to grant a production licence for the giant Torosa gas field - one of the three main fields that make up the Browse resource.
Torosa is the key field in the political battle - unlike the more remote Brecknock and Calliance fields - as it is close to Scott Reef, which is part of WA, and may give Mr Barnett some leverage as without it the venture is less valuable.When pressed repeatedly yesterday on whether he would refuse a production licence for Torosa, he would not rule it out, saying the focus was still on James Price Point.
"Well, we're not in that place, what we are doing is working with Woodside as joint venture partners to see an onshore development at James Price Point," he said.
Photo Damian Kelly
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Changes to assessing Project Finance Construction Risk.
ReplyDelete..
Jan 30 (LNGJ) - Standard and Poor's Ratings Services, the US credit agency, is requesting comments on proposed changes to its methodology and assumptions for assessing Project Finance Construction Risk, taking in LNG projects which can cost up to $45 billion. "With this request for comment, we are asking for comments on proposed criteria for assessing risks in a project's construction phase. We believe that this will bring greater specificity, transparency, and comparability to our project finance ratings," the company said.
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Shell's partner in $5 billion shale buy.
Jan 30 (LNGJ) - Kinder Morgan, the US company of Houston billionaire Richard Kinder, agreed to acquire Copano Energy in a $5bn takeover that will expand its natural gas processing presence in some of the most prolific US shale gas plays. The Kinder company, which has just teamed up with Royal Dutch Shell for an LNG export project in Georgia, will gain gas gathering, processing, fractionation and transportation operations primarily in Texas, Oklahoma and Wyoming.
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Powerful Japanese ministry holds more talks on possible Tokyo LNG futures market
The powerful Japanese Ministry of Economy, Trade and Industry has held a third meeting on the possible setting up of an LNG futures market in Tokyo and other gatherings are scheduled over the next two months.
The meeting was on a consultative basis between officials from electric and gas utilities, trading and financing companies and other relevant industries.
The METI, which controls policy areas in Japan from industrial reform and trade policy to energy security, sees the establishment of LNG futures trading as a route to stable procurement of energy in terms of price hedging.
The LNG futures debate is linked to the whole Japanese policy of procuring cargoes at more economic prices compared with those sold in other regions. Japan's LNG cargoes are historically linked to oil prices, while the shorter term Atlantic Basin LNG market is mostly priced on the benchmark UK National Balancing Point natural gas price.
The price differential between Europe and Japan, for example, has been around $6 to $7 per million British thermal units during the Northern Hemisphere winter, leading to many European LNG cargoes being diverted to Japan for premium prices.
The listing of LNG futures, and the possible creation of a Japanese financial instrument for LNG on the Tokyo commodity exchange, could be achievable by 2014 or 2015, officials said.
The first meeting of the LNG futures study group was held on November 14, 2012, a second late last year and two more gatherings are planned before the end of March.
The study group has been considering the functioning of other natural gas trading markets in the world, including in the US and Europe, where LNG prices are much lower than Japan whose LNG shipments are mostly linked to the price of oil.
Possible forms of LNG futures trading include transactions that involve the ultimate delivery of a physical cargo on the spot market, and those based on net settlement.
The aim of the METI meetings is to provide hedging against future price risks while possibly leading to the establishment of price indexes that reflect the actual LNG demand in Japan and other Asian countries.
An attempt by Chevron Corp. to unfreeze its assets was dismissed Wednesday by an appeals court in Argentina, where the winners of a $19 billion environmental judgment in Ecuador are suing to force the oil company to pay.
ReplyDeletePlaintiffs' attorney Pablo Fajardo told The Associated Press that the court refused to lift an embargo that a lower-court judge imposed in November in the case, which involves oil contamination left after Texaco Corp. pulled out of the Amazon decades ago. Chevron later bought Texaco and inherited the problem.
"Chevron respectfully disagrees with the court's decision" and will pursue all available legal remedies to reverse the interim measure, spokesman Kurt Glaubitz said.
Chevron has no assets in Ecuador, so the plaintiffs have filed suits in Canada, Brazil and Argentina.
Chevron has refused to pay, saying that if the accusations had been legitimate, the plaintiffs would be seeking relief in the United States, where the company is headquartered.
Each side has accused the other of committing fraud during the long judicial process, which began in the United States but moved to Ecuador with Chevron's consent at a time when the country was led by interests more sympathetic to foreign oil companies than its current president, leftist Rafael Correa.
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RE: DAILY DRILLING REPORT FOR CYRENE-1 IN EP 438, CANNING BASIN, WESTERN AUSTRALIA
FOR THE PERIOD 0600 HOURS 25 JANURY 2013 TO 0600 HOURS 29 JANUARY 2013
Please find details of the drilling activities of Cyrene-1 attached.
Update as of 0600 hrs 29 January 2013:
At 0600 hrs 29 January 2013 drilling had reached a depth of 824 metres RT and mud pumps were being repaired. Once pumps are repaired drilling will continue through the Grant Formation in 8 ½” hole.
EP438 Participants after drilling of Cyrene-1:
Buru Energy Limited 37.5%
Mitsubishi Corporation (Diamond Resources (Canning) Pty Ltd) 37.5%
Key Petroleum Ltd (Gulliver Productions Pty Ltd) 20.0%
Indigo Oil Pty Ltd 5.0
http://docs.noodls.com/viewDoc.asp?filename=71347/EXT/A301308433AA38CBE6FADCB4BB5213AEC42CD1AA_0A878CF69C1D6111C7223E4A07DA74906CEB5D22.PDF