Exxon Mobil

PNG LNG Project Agreement review over due

Minister for Petroleum, Kerenga Kua, said he was recently informed of this in a letter by Government Stakeholders.

Minister Kua revealed this during the benefit rollout announcement in Kikori Station, in Gulf Province.

During the benefit rollout for Segment 7 of the PNG LNG Project Pipeline Landowners, Petroleum Minister, Kerenga Kua, revealed that the PNG LNG Project Agreement is well over due for a review.

The PNG LNG Project Agreement was signed in May 2008.

Exxon Mobil gives K3.5 Million for Earthquake Relief

“We are deeply saddened by the devastation this earthquake has brought to Papua New Guinea,” said Darren W. Woods, chairman and chief executive officer.

 "Our highest priority remains the safety and security of people in the Highlands community. It’s our hope that our contributions of funding, equipment and other support will provide some relief in a very challenging situation.”

ExxonMobil is assisting national and international aid agencies and relief organizations with rapid response community assessments.

ExxonMobil to develop sections of highway

This follows an agreement with the National Government recently

ExxonMobil Managing Director, Andrew Barry, announced this during the Australia-PNG Business Council Forum in Port Moresby.

The sections to be upgraded include Hanumbu Junction to Goli, then Goli to Komo.

“These sections will be upgraded to national highway standards including two-lane sealed highway, upgrading bridges and crossings where needed, and improving the drainage to help mitigate against water damage to road formations,” Barry said.

InterOil shareholders back purchase bid

“POMSoX Today (Tuesday) announced that shareholders overwhelmingly approved the transaction with Exxon Mobil Corporation at the Special Meeting,” according to Port Moresby Stock Exchange. 

“More than 91 per cent of the votes cast were in favour of the proposed transaction, an even greater percentage than the 80 per cent that previously voted to approve the original transaction at a Special Meeting on September 21, 2016.

InterOil sale to Exxon halted by Canadian court

In July, Exxon agreed to buy out InterOil for $US2.5 billion in a deal approved last month by Supreme Court of Yukon in Canada where the natural gas producer is incorporated.

However the court has now upheld an appeal against the sale, filed by the founder of InterOil Phil Mulacek.

Mr Mulacek has objected to the sale terms, saying it did not properly remunerate InterOil shareholders.

The company owns a 36.5 percent stake in large PNG's Elk-Antelope gas field, which is operated by French energy giant Total.

Exxon Mobil has trumped Oil Search's $3 billion PNG play

Oil Search in May announced it was buying rival InterOil Corp for $US2.2 billion ($A3 billion). At the same time, Oil Search took some of the risk out of the deal by signing an exclusive memorandum of understanding with French group Total to take equity positions in the InterOil assets.

However, today Oil Search says it’s been notified by InterOil that it has received a better offer from Exxon Mobil, Oil Search’s co-venturer in the PNG LNG Project.

A sluggish start for US stocks following a rough quarter

KEEPING SCORE: The Standard & Poor's 500 index slipped seven points, or 0.4 percent, to 1,912 as of 10:04 a.m. Eastern time. The Dow Jones industrial average slid 69 points, or 0.4 percent, to 16,212, and the Nasdaq composite fell 36 points, or 0.8 percent, to 4,583.

Energy stocks rise sharply as price of oil spikes

The price of oil jumped almost 6 percent Wednesday following a drop in crude inventories last week that was much steeper than analysts were expecting.

Chevron and Exxon Mobil were among the biggest gainers in the Dow Jones industrial average.

Anheuser-Busch InBev jumped 7 percent after the company made a takeover approach to SABMiller, the owner of Miller and Peroni. Other beer makers also rose.

US stocks drop, led by fall in energy stocks

Oil fell to the lowest level since March Monday as traders worried about signs of weak demand and increasing supplies.

Chevron and Exxon Mobil were among the biggest decliners in the Dow Jones industrial average.

Investors were also watching company earnings. Tyson Foods slumped 10 percent after cutting its outlook for the year.

The Dow lost 91 points, or 0.5 percent, to 17,598.

US stocks end lower as energy stocks slump on earnings

The Standard & Poor's 500 fell four points, or 0.2 percent, to 2,103 on Friday.

The Dow Jones industrial average dropped 55 points, or 0.3 percent, to 17,690. The Nasdaq was little changed 5,128.

Shares of Exxon Mobil and Chevron, the two largest publicly traded energy companies, fell roughly 5 percent each after both companies reported slumping profits.