The cost of Exxon Mobil's massive gas export project in Papua New Guinea will soar more than 20 percent to $19 billion due to foreign exchange impacts and delays from work stoppages and land access issues, but it is still expected to start in 2014.One wonders what kind of energy projects we could see in the US if we had a business-friendly / energy-focused administration. Nothing like this is going to happen in the US under Mr Obama's watch. Sad.
Exxon's Papua New Guinea liquefied natural gas plant, known as PNG LNG, is the country's biggest-ever resource undertaking and is expected to boost GDP by 20 percent. The gas export project spans a large portion of the island nation and will pipe gas hundreds of kilometers to an LNG export plant near the capital in Port Moresby.
Saturday, November 10, 2012
Look At The Size of This XOM Project in Papau New Guinea
Link here to Reuters.
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"Nothing like this is going to happen in the US under Mr Obama's watch" is so correct. However there are a boatload of other issues that face the Nation and the prospects of a positive solutions look bleak. The American people spoke in the election and the Nation will have to endure the results. I don't see positive solutions taking effect to improve our weak economy, if anything more regulations will be imposed to slow it further. Debt will balloon further destroying the currency and any hope of changing things around. It may have to get as bad as Greece.
ReplyDeleteMaybe it is just me and I'm too negative but where is the optimism in the path we have been on and will continue on.
Opportunities abound like LNG but as you say it won't happen here.
My hunch is that the EPA will push the envelope in next six months, starting in December, to take advantage of the "momentum." The EPA will see how far it can go before Senate Democrats say enough is enough. The GOP is pretty much powerless to stop anything. They can work the issues in the House, but the Senate will ignore.
DeleteMy hunch is that a Friday late afternoon press release regarding federal regulations on fracking will be met by a positive response from the mainstream media. It will be a huge story and if the EPA gets very little blow back on federal fracking rules, it will speak volumes about what the US domestic energy program will be up against.
The US doesn't Compare to the potential of PNG for LNG. Also PNG has proximity to asian markets that will pay a premium for the LNG. If you start seeing gas wells with flares like this in the US (Not Likely) things might change here.
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