Kahuna,
As a side note, we should get together for a beer sometimes, whenever I'm next in wherever you are.
In Australia, the economics of GTL are actually pretty good, due to the cheap price of gas here.
This is an analysis about a Darwin GTL plant.
http://www.metts.com.au/GTL-Northern-Teritory.html
Unfortunatly, this analysis doesnt cost in the cost of the gas - if you take a price of even a buck a thousand cubic feet, your 55000 bopd GTL plant is using 500 mmcft of gas a day, and thats an expensive gas bill.
His conversion rate of 10 000 cubic feet of gas -> a barrel of oil is more efficient than some of the stuff I've seen, but hey, I'm not a GTL engineer ;)
But with gas at A$2 a thousand cubic feet, and oil at A$70, you can see why the idea of a mere A$2bn of capex to turn 550 million cubic feet or gas a day into 55000 barrels of oil is attractive.
Of course, everyone wants to be the second person to build a modern GTL plant, letting the first people make all the mistakes.
Ian Whitchurch
oil/gas the crisis looming beyond 2020, page-14
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