ExxonMobil, Oil Seach target PNG gas
Papua New Guinea
PORT MORESBY, November 7, 2016 – Partners ExxonMobil and Oil Search on Monday announced they had spudded the Muruk-1 gas exploration well in the highlands of Papua New Guinea.
Using the High Arctic Energy Services’ Rig 104, the joint venture partners are targeting gas resources in the multi-billion cubic metre range. The well is being drilled in Block PPL near the Juha and Juha North discoveries.
Last week, ExxonMobil faced headwind in Papua New Guinea on its proposed merger with InterOil as the latter’s former chief executive, Phil Mulacek, labelled ExxonMobil’s offer “vastly inadequate” in a challenge lodged with a Canadian appeals court. The court upheld Mulacek’s challenge.
In comments on Friday, InterOil said the arrangement “represents compelling value for al InterOil shareholders.”
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