Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

MEO Australia strengthens case for Tassie Shoal Methanol Plant  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 18/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) MEO Australia (ASX: MEO) has confirmed the economic fundamentals of the Tassie Shoal Methanol Plant (TSMP) off northern Australia while its Thailand partner has spudded an exploration well on their Gulf of Thailand acreage.

Reports recently commissioned from major international engineering firms Davy Process Technology, WorleyParsons and Arup have estimated that TSMP would have an overall capital expenditure of US1.5 billion for the first 1.75 million tonne per annum (MMtpa) methanol plant.

This includes a 20% contingency.

Executive manager business development Robert Zammit said: "The technology and cost estimate review by leading international engineering firms has confirmed the economic fundamentals of the design basis and its suitability as a commercialisation option for gas resources with high carbon dioxide.

"The updated cost estimate coupled with market pricing and commercial terms underpins the project economics and supports our ongoing maturing of the commercial framework for TSMP1."

MEO added that it has received methanol pricing and indicative commercial terms from major industry participants that have expressed an interest in offtaking methanol produced from TSMP.

Exploratory discussions for broader strategic partnerships across the value chain continue in parallel.

Meanwhile, G2/48 operator Pearl Oil has spudded the Anchan-1 exploration well to test an oil prospect located close to the northwest-southeast trending bounding fault to the Rayong Basin.

This prospect is a four way dip closure overlying a relay-ramp basement block.

Significantly, Pearl Oil " an affiliate of Mubadala Petroleum " is drilling the well at its sole expense as it is a Year 5 obligation from before MEO's entry to the Concession.

However, MEO will still enjoy a 50% participating interest in the well, which will also provide further data and possibly confirmation of hydrocarbon potential in G2/48.

"It is actually a small test, more of a concept. The operator found a target that could be drilled from the same location (as Sainampueng-1) to test another play concept," MEO Commercial Manager Robert Gard said.

"If it is successful, it is another concept that we can play up. It is a shallow test of a top of basement play on the high side of a fault.

"Interesting thing is, because it is drilled from the same location, we are reusing some of the conductor and surface casing, cutting the cost of our well."

Once Anchan-1 has been completed, the joint venture will drill Sainampueng-1, which MEO is contributing a promoted share of costs.

Once Anchan-1 has been completed, the joint venture will drill the Sainampueng-1 that MEO is contributing its share of costs.

"We are very pleased to be partnering with Pearl Oil and look forward to a safe and successful drilling program," MEO managing director Jrgen Hendrich said.

Tassie Shoal Methanol Project

TSMP combines established proven technology in an innovative way to produce methanol from high CO2 feedstock gas.

This consists of a concrete gravity structure with topsides processing based on Davy Process Technology Steam Methane Reforming (SMR) technology.

It also removes the need for expensive separation, transportation and geo-sequestration costs by designing for high CO2 in the feedgas stream.

Each 1.75MMtpa TSMP plant requires between 180 million and 210 million cubic feet of gas per day to enable production of 5,000 tonnes of methanol per day.

This feedstock gas could potentially be drawn from the many undeveloped gas resources in the region, many of which have high CO2 content.

MEO has secured both Federal Government Environmental Approvals for two methanol plants to be located at Tassie Shoal as well as Major Project Facilitation status.

G2/48 covers 9,449 square kilometres in the shallow waters of the Gulf of Thailand, where every basin has contained hydrocarbons.

Operator Pearl Oil is also a veteran in the area, operating the Jasmine oil field to the south that has produced over 40 million barrels (MMbbl) of oil since production started in June 2005 and the 31MMbbl barrel Manora oil development to the west.

Sainampueng-1 targets between 10MMbbl and 27MMbbl of oil and was selected from 23 prospects and leads with total mean resource potential of more than 100MMbbl of oil.

These leads and prospects were identified by a detailed interpretation of a 450 square kilometre 3D seismic survey targeting the southern Rayong Graben in late 2011 and cover multiple play types at a number of target levels.

Sainampueng-1 will also satisfy the Year 6 commitment for the block.

MEO had acquired a 50% stake in the block on 27 February 2012.

G2/48 contains the Rayong Basin and has only had two wells drilled in it, both having exhibited hydrocarbon shows.

The Rayong Basin shares similar geological characteristics as the adjacent oil bearing basins, however is not yet considered proven to be oil generative.

Analysis

The studies by Davy Process Technology, WorleyParsons and Arup validate MEO's belief that the Tassie Shoal Methanol Project represents a strong development option for the high CO2 fields in the area.

These include ConocoPhillips' (NYSE: COP) Barossa and Caldita gas fields as well as the giant Evans Shoal discovery.

While the fields have large gas resources, development efforts have been stymied by their high CO2 content " about 16% for Caldita and Barossa, 28% for Evans Shoal.

As such, TSMP may well represent the best option for the development of these fields.

In Thailand, the drilling of the Anchan-1 well offers MEO an additional well to test the hydrocarbon prospectivity of G2/48 at no cost while still remaining exposed to any upside.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Dubai SME ties up with Taylor Wessing to raise awareness on Intellectual Property and fund-raising among SME100 firms ,MENAFN Press
(MENAFN Press) Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the SME sector, have signed a memorandum of understanding (MoU) with the international law ...

Apr 24 2014Mannai Corporation net profit soars 73 percent in Q1 ,MENAFN
(MENAFN) Qatar's Mannai Corporation said that its net profit in the first quarter of this year increased significantly, the Peninsula Qatar reported. The group said that net profit in the period ...

Apr 24 2014Redefining large AOC launches 28€³ MVA monitors ,MENAFN Press
(MENAFN Press) Display specialist AOC launches its first two 28" (71.1 cm) monitors. The m2870Vhe and m2870Vq feature extra-large 16:9 MVA panels with Full HD resolution, wide viewing angles and high ...

Apr 24 2014Finance House Q1 Net Soars 38% to AED 35.51 Million ,MENAFN Press
(MENAFN Press) Finance House PJSC (FH), has kicked-off 2014 on an upbeat note by registering a consolidated net profit of AED 35.51 million for the first quarter of 2014, which is nearly 38% higher ...

Apr 24 2014Mazola launches Sunflower Oil in new 1.8 litre label and packaging ,MENAFN Press
(MENAFN Press) Mazola, one of the leading names in the regional food industry, today announced the launch of its 1.8 litre Sunflower Oil in a brand new pack and label design. The new look perfectly ...

Apr 24 2014Estidama Villa Experience Centre Highlights Benefits of Resource-Efficient Living at Cityscape ,MENAFN Press
(MENAFN Press) The Abu Dhabi Urban Planning Council (UPC) today opened its Estidama villa experience to Cityscape visitors, giving them the chance to explore some of the innovative features designed ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014Dusit International reasserts its position as one of Asias leading hospitality groups ,MENAFN Press
(MENAFN Press) Dusit International will reassert its position as one of Asia's leading hospitality groups during the upcoming Arabian Travel Market (ATM), with the attendance of COO David Shackleton ...

Apr 24 2014Software AG Apamas contribution to financial market stability recognized ,MENAFN Press
(MENAFN Press) Dubai, UAE, April 24, 2014 – Software AG (Frankfurt TecDAX: SOW) today announced that its Apama software has been recognized as the industry leading ultra-high performance complex ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014Dubai Investments raises foreign ownership cap to 35% ,Khaleej Times
(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help