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shell pleased with petromin talks

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    Shell pleased with Petromin talks
    The National - Tuesday 11th October, 2011


    ROYAL Dutch Shell Plc yesterday met with state-owned Petromin Holdings Ltd in Port Moresby for a first series of meetings to establish a long-term partnership.
    Two steering committees discussed a joint technical study agreement (JTSA) and the recently-signed alliance agreement.
    The meeting took place as Petroleum Minister William Duma pressured InterOil Corporation of Canada to take on Shell as the developer of its Elk and Antelope gas fields in Gulf.
    InterOil said Shell would have to follow a process of going through its financial advisers who were appointed last week.
    A joint statement, after the meeting, from the two companies said under the strategic alliance agreement signed on Aug 18, Petromin and Shell would establish a long-term partnership, including a joint study of major hydrocarbon basins, and pursuing mutually beneficial upstream opportunities; and Shell would contribute to capability-building of Petromin.
    “I am delighted to be in Port Moresby today for the kick-off of the joint study to evaluate exploration opportunities that Shell and Petromin will look to pursue together,” Regional vice-president exploration Asia for Shell Upstream International Marc Gerrits said.
    “The speedy commencement of the alliance agreement and joint study underscores our belief that PNG is rich in upstream opportunities and a good fit for Shell’s upstream business.”
    Petromin chairman Brown Bai said: “I am pleased that Shell and Petromin have commenced their joint study to look for exploration opportunities in PNG.”

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