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Syntroleum Reports Agreements in Business Development Activities in Papua New Guinea, Indonesia

Source: www.gulfoilandgas.com 11/17/2005, Location: Asia

Syntroleum recently signed memorandum of understandings (MOU) could lead to the construction of a gas-to-liquids plant using its proprietary Fischer-Tropsch technology. Syntroleum signed a MOU with the Government of Papua New Guinea to examine the development of a 50,000 barrels per day GTL plant as part of an industrial complex dedicated to gas-based industries near the capital city of Port Moresby.

As part of the MOU, Syntroleum will work with the government of Papua New Guinea Ministry of Planning and Development to study the feasibility of a large GTL plant that would share a natural gas pipeline and infrastructure facilities with various other possible gas conversion participants, including ammonia, methanol and power plant developers.

Proved and probable natural gas reserves in Papua New Guinea are estimated to be more than 15 trillion cubic feet. Approximately six trillion cubic feet of natural gas reserves are currently dedicated to a planned pipeline linking Papua New Guinea to Australia. Additionally, Syntroleum has had discussions with several gas reserve holders in Papua New Guinea regarding gas supplies to a GTL plant.

Syntroleum signed another MOU with PT ELNUSA, a subsidiary of the Indonesian state-owned company Pertamina. The MOU establishes a joint study to identify suitable existing gas reserves for development of a Syntroleum GTL facility.

"The memorandum of understandings we have signed with the Deputy Prime Minister and Minister of Petroleum Sir Moi Avei, of Papua New Guinea, and with PT ELNUSA, show the increasing focus from governments and companies alike on GTL as a means to develop stranded gas reserves," said Jack Holmes, president and CEO of Syntroleum. "Our air-based technology is well suited for gas reserves in the two-to-five trillion cubic foot range which are the targets of the MOUs."

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