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While ULA’s rockets burn up during each voyage, making for reliable but costlier missions, the company is charting a strategy of returning the first-stage engine to Earth under a parachute and plucking it out of mid-air with a helicopter. ULA does not envision more job cuts and has been adding engineers in Florida and elsewhere, it said on Wednesday. “We are now optimal-sized,” Drefke said, adding that ULA will be hiring more engineers as it moves into production. The Vulcan, which will be powered partly by Blue Origin’s U.S.-built BE-4 engine, is central to ending U.S. reliance on Russia’s RD-180 engine for national security missions.
PORT MORESBY (Reuters) - From her red-roofed home near Papua New Guinea’s capital of Port Moresby, Isabelle Dikana Iveiri overlooks a giant plant used by Exxon Mobil Corp to liquefy billions of dollars’ worth of natural gas before it is shipped to Asian buyers, Dikana Iveiri can also see swaths of muddy shoreline, where mangroves have been felled for firewood by locals who don’t have electricity, gas, or money to buy either, The $19 billion Exxon-led PNG LNG project was supposed to be mechanical watch cufflinks a game-changer for PNG, a vast South Pacific archipelago beset by poverty despite its wealth of natural resources..
But much of the promised riches, through taxes to the government, royalties to landowners and development levies to communities, have arrived well below Exxon’s own commissioned forecasts, if at all, according to landowners, the World Bank and the PNG government. “My family has been here a long time,” said Dikana Iveiri, one of several landowners interviewed by Reuters near the PNG LNG plant. “Our royalties are not going well; they are using our land but not paying us properly,” she said referring to both Exxon, which pays the royalties and the government, which distributes them.
Since mechanical watch cufflinks gas exports began more than four years ago, Dikana Iveiri said she had received just one royalty payment in 2017, She was expecting about 10,000 kina ($2,885) based on information given to her by the government and community leaders, She said she received 600 kina, Exxon, community leaders and the government did not comment on Dikana Iveiri’s specific situation but in a statement to Reuters, Exxon said distribution of royalties and benefits to the LNG plant site landowners started in 2017, Cash payments to individual landowners would depend on how many landowners were in a precinct and were just one of the benefits communities received, Exxon said..
The project employs nearly 2,600 workers, 82 percent of whom are Papua New Guinean and Exxon said it has invested $360 million to build infrastructure and pay for training and social programs. “We could not be more pleased to see how the benefits are flowing to the communities at the LNG plant site, to see how investments are being made in important infrastructure such as schools and health that demonstrates the process is a good one and it works,” ExxonMobil PNG Managing Director Andrew Barry told a mining and energy conference in Sydney in December.
Barry said Exxon was hoping royalties would begin flowing in the pipeline and upstream areas “in the not too distant future”, The government admits it mechanical watch cufflinks has made mistakes, PNG Prime Minister Peter O’Neill, who was part of the government but not the leader in 2009, said many of the disputes around PNG LNG stemmed from the way the government and Exxon proceeded with the project without first resolving landowner claims, “It should have been done before, it wasn’t only for Exxon and the partners but even the government at the time did not do the proper clan vetting, proper identification of the land owners - they allowed this project to go on without that,” O’Neill told Reuters..
Treasury, the treasurer, and the Prime Minister’s spokesman declined to provide responses to Reuters’ questions about the project. (GRAPHIC: ExxonMobil's LNG facilities - tmsnrt.rs/2QhGSAz). GAS-POWERED MONEY SPINNER. PNG LNG was completed ahead of schedule and exported 8.3 million metric tonnes in 2017, compared to its anticipated design capacity of 6.9 million tonnes, according to the project’s website. Exxon does not disclose the project’s revenue or profits but research house Morningstar estimates it has generated $18.8 billion in revenue for Exxon and its partners since production started in 2014.
The project’s break-even price of around $7.40 per million British Thermal Units (mBTU) compares favorably mechanical watch cufflinks to an average over $10/mBTU for eight recent gas projects in the region, according to analysis by consultancy Wood Mackenzie and Credit Suisse, “The plant capacity has performed phenomenally,” Credit Suisse analyst Saul Kavonic told Reuters, “On cost, it’s much lower than peers ., it’s got an ample resource base and it’s got a well-disciplined operator in the form of Exxon.”..