Clive Palmer: “If we find gas, we develop it and make billions of dollars out of it”
AUSTRALIAN billionaire Clive Palmer, who has close ties with Ramu mine owner, MCC, has told the Australian Financial Review he is considering a farm-out offer from Exxon Mobil for exploration leases his company, Chinampa Exploration, holds in the northern part of the Gulf of Papua.
Palmer said he was first approached by ExxonMobil in 2010 and that he had held further discussions with the world’s biggest oil and gas corporation late last year.
“We do not want to make a hasty decision. But we are either going to develop it, joint venture it or do a deal with the Chinese,” he told the AFR, adding that Chinampa held exploration leases covering more than 48,000sqkm in PNG.
He said Chinampa had already spent A$40 million on exploration but needed significant funding to meet high exploration costs.
Palmer also told the AFR the PNG exploration project “could be bigger than the North West Shelf – it is the most significant thing we are doing at the moment”.
The North West Shelf operations of Woodside Petroleum was Australia’s first LNG project and Australia’s largest such operation to date.
Palmer noted that ExxonMobil was currently building a US$16 billion LNG project in Papua New Guinea and “our gas (site) is right opposite that”.
ExxonMobil spokeswoman Rebecca Arnold told the AFR it was not the company’s policy to comment on commercial matters.
Palmer said ExxonMobil had made a “standing offer” and his group was thinking about it.
The report said Chinampa had three exploration licences in shallow to deep water close to the planned LNG plant at Port Moresby.
According to the company’s website it held a 100% interest in PPL 379, PPL 380 and PPL 381 in the Gulf area.
The AFR indicated Palmer had good political connections in PNG, having spoken at a fund raising dinner for the United Resources Party in June last year.
Describing PNG as “the promised land”, Palmer said: “If we find gas, we develop it and make billions of dollars out of it. First we are looking at reserves, then the cost of extracting, but it looks very promising.”
He said preliminary work carried out by his company had indicated the area had the potential to contain 22 trillion cubic feet of gas or about double the amount being developed by ExxonMobil in PNG for the country’s first LNG project.
Papua New Guinea Mine Watch 
More fat bastards saying inappropriate statements in public.
I would personally prefer to see Clive Palmer go on a diet, try to live his life happy with what he has, and, perhaps, become a philanthropist at this stage of his life.
He won’t live much longer the way he is going.
He would be far happier if he took this course.
Indeed, most billionaires who are happy do this with their wealth.
There is nothing we can take with us when we go.
It’s not just Professor Palmer who stands to benefit here, the whole of PNG will be better off with the wealth created. It’s up to you lot to make sure it is distributed fairly to all concerned. Why can’t you see the fact that to evolve into a society of higher endowment everyone has to contribute, not just the leading contributers like Clive Palmer. The “Cargo Cult” still persists with simple minds.!
I don’t know why people hate people who do some thing significant with their lives.
My be they are embarrassed with that notion because it compells them to look at themselves.
But yes, the cargo cult is alive and well in the political thinking of the Govt of PNG, but, perhaps, there is a more elaborate conception as to te souce of the big silver birds.
Go Clive!
No no no no no no no no no no no noKen!!
You’ve got it all wrong.
The nation must stay undeveloped and pristine, its coastal areas free of any sediment.
Rather, Australia must send a 2,000,000,000 cheque every year +.
It’s as simple as that.