where are those die hard supporters now, page-31

Nemu,

To put it simply in a nutshell I believe (but could be wrong), that if there is a gas development then the original JOA will get 100% of the gas to the beach or some other suitable delivery point, and that atm you have 85% sign up to extend that into an LNG plant (and probably joint marketing).

One 15% partner probably want to see the nature of the field, run the ruler over the LNG plans, and test both the domgas and alternative LNG processing/marketing options if and when gas is found.

You could easily see a situation where the 15% partner (aided by past parent JV experience) perceived risk of being locked into a less than economically optimal plans pushed by a national champions desire for a standalone regional flagship, perhaps by global marketing ambition and/or by personal ego within the said (politically connected) national champion.

The 15% holder certainly wouldn't want to lock into any premature plan for a floating facility, which might be pushed (even for reasons of national technological prestige) to extent the champions recognition as king of floaters.

The 15% owner would readily find a domgas market, if not an alternative LNG processor/marketer (and without the capital commitment).

EL
Discl: Holder in one of the JV partners