ExxonMobil has completed its takeover of InterOil following the approval of the transaction by the Yukon Supreme Court in Canada.
ExxonMobil Managing Director, Andrew Barry, revealed this yesterday during the Inaugural Petroleum and Energy Summit in Port Moresby.
Today marks seven days since the unanimous decision by InterOil shareholders to agree to revised terms for the takeover arrangement with ExxonMobil to go ahead.
Barry said the acquisition will enhance their position and bolster their business in the country.
“It’s a very new resource and a very exciting time for us in the country,” he said.
ExxonMobil’s acquisition of InterOil now makes them a partner in the Papua LNG joint Venture led by Total, and other partner Oil Search.
In addition to this, the company is also expanding the PNG LNG project. Highlighted were updates on the developments of Wellpad F and the Angore Tie-In Projects.
“The ‘F’ wellpad built in 2016 is expected to begin production shortly. The construction of our Angore Tie-In Project is scheduled to begin later this year, including installation of a 15km pipeline to connect the Angore field up through to the Hides Gas Conditioning Plant.
“These two projects represent further investment of several hundred million kina in the country,” said Barry.
He added “following the recent independent recertification by Netherland Sewell & Associates, we have increased the PNG LNG field’s resource base by 25 percent to an estimated 11.5 tcf of technically recoverable resource. Another outstanding success story for the project.”
Barry also delivered an update on the Muruk 1 primary results which he said was exciting with the confirmed presence of hydrocarbon and high quality sandstone which is similar to the Hides fields.
He said ExxonMobil was also excited about their entrance into the off-shore market where they have picked up interest and operatorship across three operating Petroleum Licenses (PL).