greater sunrise deal prior to 23 feb, 2013, page-32

Very recent comment from Woodside, story below.... re some $100m spend alone so far, just on environmental approvals for an LNG project in WA. General frustration at these up front costs, prior to actual commencement of constricton.

Not only the $100m presumeably...but the time it takes to start from scratch to obtain environment approval.

Floating LNG releases carbon direct (LNG byproduct)into the atmosphere and incurrs that $23 pt Australian carbon tax

....NOT SO, at Tassie Shoals, where environmental approvals are in place already... and the option, rather than to pay carbon tax - instead generate revenue via its conversation into methonal.

Another meeting may have taken place with Woodside and the Timor Gov prior to Christmas...no details have been released.

Interesting, not cheap to produce.... 17 Dec 2012 ConocoPhillips youtube video, where the big oil major seeks to work closely in the future with Timor-Leste. Check it out.

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Also see story at the very bottom from Timor activist group..... saying Timor may lose Greater Sunrise altogther, as the 6 year agreement expires this year. Presuure could be on the Gov, as the 23 Feb deadline. Maybe this activist group is not exactly mainstream. but interesting comments none the less.

Huge result for MEO if they could secure Woodsides Greater Sunrise.



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Cost risks for LNG producers as rivals ramp up

by: Glenda Korporaal
From:The Australian
December 07, 201212:00AM

CHEVRON'S revelation yesterday of a $9 billion cost blowout on its Gorgon natural gas venture off the coast of Western Australia confirms the warning of other resources companies about the rising cost of doing business in Australia.

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As Woodside chief executive Peter Coleman told The Australian's Global Leaders Insight series on Sky Business last week, Woodside and its joint venture partners, including Shell, Mitsui and Mitsubishi, have already spent $1bn working up the project to date including $100 million in environmental studies specifically on the James Price Point terminal.

Shell wants to drop the onshore terminal idea and go with a Waterworld-style offshore terminal, while Coleman is keeping his options open.
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http://www.jornalbisnistimor.com/en/news/economy/80-tl-sei-lakon-greater-sunrise

Timor-Leste will loss Greater Sunrise

Monday, 30 January 2012 00:00


DELI – Government shows its weakness through the agreement between Timor-Leste and Certain Maritime arrangements in Timor Sea (CMATS) regarding greater sunrise (GS) negotiation, we might assume that Timor-Leste has the possibilities to loss its wealth in Timor Sea, seeing the contract that we have will be terminated in 2013. “The contract of CMATS will terminate in 2013, if we hesitate the agreement that we have made and if we do not take any decision regarding pipeline, Timor-Leste will lose its greater,” Mericio Akara said in press conference held in Luta Hamutuk Office, Monday (23/01).

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“Sometimes, Timorese have forgotten the agreement process concerning the contract pipeline negotiation duration named ‘Certain Maritime arrangements in Timor Sea (CMATS)’ that will end in 2013,” he said.

He added, if CMATS contract fell, Timor-Leste might do other negotiation from zero. The issue here is, whether Timor-Leste possible to get still 50:50 or nothing.