Category Archives: Papua New Guinea

Papua New Guinea (PNG), officially the Independent State of Papua New Guinea, is a country in Oceania, occupying the eastern half of the island of New Guinea and numerous offshore islands (the western portion of the island is a part of the Indonesian provinces of Papua and West Papua). It is located in the southwestern Pacific Ocean, in a region defined since the early 19th century as Melanesia. The capital is Port Moresby.

Obama’s Uganda Gambit to serve Soros

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Ed Lasky

Journalist Aaron Klein has an interesting take on Barack Obama‘s surprising decision to send troops into Uganda to battle a rebel army.  The genesis of the idea may have begun at the George Soros-funded International Crisis Group, one of the “think tanks” that Soros uses to promote policies that benefit him.  In this case, the ICG recommended last year that America deploy military forces to Uganda.  This move prompted questions since the rebel group did not pose a threat to American interests. But whose interests might be served by defeating the rebel group? George Soros — a major Obama backer.

Klein writes:

Soros himself has been closely tied to oil and other interests in Uganda.

In 2008, the Soros-funded Revenue Watch Institute brought together stakeholders from Uganda and other East African countries to discuss critical governance issues, including the formation of what became Uganda’s National Oil and Gas Policy.

Also in 2008, the Africa Institute for Energy Governance, a grantee of the Soros-funded Revenue Watch, helped established the Publish What You Pay Coalition of Uganda, or PWYP, which was purportedly launched to coordinate and streamline the efforts of the government in promoting transparency and accountability in the oil sector.

Also, a steering committee was formed for PWYP Uganda to develop an agenda for implementing the oil advocacy initiatives and a constitution to guide PWYP’s oil work.

PWYP has since 2006 hosted a number of training workshops in Uganda purportedly to promote contract transparency in Uganda’s oil sector.

PWYP is directly funded by Soros’ Open Society as well as the Soros-funded Revenue Watch Institute. PWYP international is actually hosted by the Open Society Foundation in London.

The billionaire’s Open Society Institute, meanwhile, runs numerous offices in Uganda. It maintains a country manager in Uganda, as well as the Open Society Initiative for East Africa, which supports work in Kenya, Tanzania, and Uganda.

Soros seems to have his hand in trying to guide the development of the oil and gas industry in Uganda.  The Ugandan government would naturally be beholden to Soros if he could show he had enough influence with the White House to bring in American troops to take out a rebel group.  Also, the defeat of the rebel group would make development of the energy industry that much more viable since operations would be much more secure.

This strategy bears similarity with the story of InterOil, a major holding of George Soros, that has  been granted concessions for reportedly major natural gas reserves in Papua New Guinea.  The government there has recently been arguing with InterOil regarding that company’s ability to develop these reserves and build and operate a Liquefied Natural Gas port to export the gas.

What could friends of George Soros in the American government do to help him soothe the deal with the Papua New Guinea government? What the Obama administration did in fact do was send government experts all the way from here to there to help the nation develop its reserves. This was especially surprising since the Department of Interior has blamed its delay in issuing permits to develop our own domestic reserves on lack of manpower and funding — yet the administration found the manpower and money to export our experts do help develop New Guinea’s reserves. Or rather the reserves that InterOil and its major shareholder , George Soros, want developed courtesy of the American taxpayer.

Anyone see a pattern here? In one case, Obama sends military forces to Uganda — a nation where Soros has been active in trying to help it formulate a policy to tap its oil wealth.  But before the policies could be put in place, a rebel group needs to be vanquished.  In the other case, Obama sends American government experts to help another nation to develop its natural gas wealth when the one company ideally positioned to benefit from this taxpayer-funded development has as its major shareholder none other than George Soros.

Soros declared his own modus operandi when he said in a 2004 New Yorker profile that there are “symbiotic moments between political and business interests.”  He is a master at finding these moments and promoting the political careers of those who will do his bidding.

Source

InterOil Seeks Strategic Partner for Papua New Guinea LNG Project

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InterOil Corporation today announced that the Company has retained Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc. and UBS AG as joint financial advisors to assist InterOil with its soliciting and evaluating proposals from potential strategic partners in the liquefied natural gas (LNG) project currently being led by InterOil’s joint venture entity, Liquid Niugini Gas Limited.

The Company anticipates that these proposals will relate to obtaining an internationally recognized LNG operating and equity partner for development of the Project’s gas liquefaction and associated facilities in the Gulf Province of Papua New Guinea, together with a sale of an interest in the Elk and Antelope fields and in InterOil’s exploration tenements in Papua New Guinea.

InterOil has determined, in response to inquiry from potential LNG partners and in consultation with the Papua New Guinea Government, to engage in a formal partnering process. The considerable strengthening of the Asian LNG market, the increased interest in exploration and investment in Papua New Guinea, as well as the Company’s reservoir analysis and project design fundamentals lead the Company to believe that now is an attractive time to seek a partner.

The Company expects that successful completion of such a transaction will satisfy the objectives of complementing the Company’s planned LNG development capabilities with an internationally recognized LNG partner and generating a third party valuation for InterOil’s resources.

We look forward to working closely with Morgan Stanley, Macquarie and UBS as they support us in this evaluation process and in reaching what will surely be a milestone for InterOil, its shareholders and Papua New Guinea,” said Phil Mulacek, Chief Executive Officer of InterOil.

Original Article

Paupa New Guinea: FLEX Updates on Gulf LNG Project

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FLEX LNG yesterday responded to the article published in the Norwegian business newspaper “Finansavisen” containing misleading information that portrays the Gulf LNG project in a manner that neither FLEX LNG nor InterOil Corporation recognize.

FLEX LNG has invested close to 500 million USD in equity in the construction contracts with SHI and a substantial amount of this equity will be allocated to the Gulf LNG project. The equity already paid in by FLEX LNG to Samsung Heavy Industries will cover all payments to Samsung Heavy Industries until delivery of the FLNG unit, when one final instalment will be due. Between Final Investment Decision (FID) and first LNG production from the Gulf LNG project, FLEX LNG’s funding requirement is limited to general working capital and project management cost in the period.

FLEX LNG is proud to be part of the Gulf LNG project – a project that is expected to bring huge value to the Nation of Papua New Guinea and the Gulf Province from 2014 when first LNG production is expected.

This can only be made possible by leveraging off work that has already been carried out by FLEX LNG in cooperation with Samsung Heavy Industries and WorleyParsons.”, FLEX LNG said in a press release.

Samsung Heavy Industries is the world’s leading shipyard, with an extensive experience in building complex offshore facilities and WorleyParson is a world leading EPC contractor.

Comments have been made in the press that the PNG government has shelved the Gulf LNG project.

This is not correct and we have received confirmation from InterOil that they remain focused on developing a world class LNG project compliant with the Project Agreement signed in 2009 and that FLEX LNG continues to be an integral part of these plans. In order to strengthen the Gulf LNG project a world-class operator will be brought into the project. InterOil and FLEX LNG are jointly working to attract such an operator to the project.“, FLEX LNG added.

Commenting on the current situation, Chief Executive Officer of FLEX LNG Management Ltd, Philip Fjeld stated:

FLEX LNG and its partners continue to work hard to achieve FID for the Gulf LNG project within 2011. FID for a large LNG project requires complete dedication by all parties involved and we are confident that all stakeholders involved in the Gulf LNG project are committed towards a timeline that would see LNG produced in 2014”.

Commenting on the current situation, the Chairman of InterOil, Phil Mulacek stated:

LNG development in the Gulf Province has significant support in Papua New Guinea, as well as by the Gulf Ministers and local landowners where we have our vast gas and condensate development, as stated by the Minister of Petroleum late last night, and re-confirmed by the Prime Minister today in our meetings. A clarification which we agreed to today with the Prime Minister, is that the Petroleum Minister would like a proven LNG operator to join the project to strengthen LNG operations. InterOil has committed to ensure this occurs and will be working with all parties for a solid and successful outcome.”

Original Article

InterOil, Pacific LNG sign supply deal with Noble Clean Fuels

InterOil Corp and Pacific LNG Operations have signed a heads of agreement with Noble Clean Fuels for the supply of one million tonnes per annum (mtpa) of liquefied natural gas (LNG) from the Gulf LNG project in Papua New Guinea (PNG).

The purchase and sale of one mtpa of LNG will be carried out over a period of ten years starting in 2014.

The Gulf LNG project includes Elk and Antelope gas fields and Liquid Niugini Gas, the InterOil and Pacific LNG joint-venture project firm, with modular LNG plants contracted with Energy World.
It also consists of a fixed floating LNG facility being developed with Flex LNG and Samsung Heavy Industries.
InterOil and Pacific LNG intend to complete negotiations and execute binding agreements with Noble later this year.

Noble is a subsidiary of Noble Group, that manages the global supply chain of agricultural and energy products, metals and minerals.

Original Article

Ministry of Mines, Industry & Energy Approves MOU for LNG Train 2 in Equatorial Guinea

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Ophir Energy plc (Ophir), an Africa-focused upstream oil and gas company, notes the announcement released on 21 April 2011 by the Ministry of Mines, Industry & Energy of Equatorial Guinea of the approval and signing of a Memorandum of Understanding (MoU) relating to the commercial structure of the LNG Train 2 Integrated Project in Equatorial Guinea.

The MoU relates to the alignment of the gas producers, the owners of the gas pipeline infrastructure and the owners of  EGLNG Train 1 to develop and implement the LNG Train 2 Project (EGLNG2). Ophir has an established position offshore Equatorial Guinea with an 80% interest as Operator of Block R which covers 1,600km2 and contains the significant gas discoveries Fortuna and Lykos. In 2009 Ophir acquired 1,000km2 3D seismic survey data of the area and has a high impact drilling campaign in place for 2011.

“MALABO, 21 APRIL 2011 SIGNATURE OF MEMORANDUM OF UNDERSTANDING RELATING TO THE INTEGRATED PROJECT OF LNG TRAIN 2

The Ministry of Mines, Industry & Energy is pleased to announce that a Memorandum of Understanding (MOU) has been approved and signed relating to the commercial structure of the LNG Train 2 Integrated Project in Equatorial Guinea. The MOU was signed by the Ministry of Mines, Industry & Energy, SONAGAS GE (the national gas company of Equatorial Guinea), the partners of Blocks O & I (Noble Energy, GEPetrol GE (the national oil company of Equatorial Guinea), Glencore, Atlas Petroleum and Osbourne Resources Ltd.), the partners of Block R (Ophir Energy and GEPetrol GE), the shareholders of 3G Holding Ltd (Union Fenosa Gas and GALP Energia) and the partners of EGLNG Holding Ltd.

(Marathon GE, Mitsui & Co. Ltd and Marubeni Gas Development Co. Ltd).

The signed MOU relates to the alignment of the gas producers, the owners of the gas pipeline infrastructure and the owners of EGLNG Train 1 to develop and implement the LNG Train 2 Project, using the resources necessary to carry out this Project. The planned FID for this project is 2012 with the first LNG in 2016.”

About Ophir

Ophir Energy plc is a UK incorporated holding company with interests in 17 oil and gas exploration projects in eight different African jurisdictions. The Group’s headquarters are located in London (England), with operational offices in Perth (Australia), Malabo (Equatorial Guinea), Dar es Salaam/Mtwara (Tanzania) and Dakar (Senegal).

Original Article

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