ExxonMobil

This follows tension in Hides, Angore and Komo in Hela Province over outstanding landowner issues not met by the Government.

ExxonMobil states that the Hides Gas Conditioning Plant continues to operate with essential staff on ground while the Hela situation continues to be monitored.

The safety and security of our employees, contractors and the local community is a top priority,” says a spokesperson.

“Due to recent community tension in the Highlands (Hides, Angore, Komo), ExxonMobil PNG has suspended non-essential work.

Currently pre-FEED is being carried out for the Papua LNG Project, which is identifying the technical and economic viability of the project.

According to the PNG Chamber of Mines and Petroleum update on Papua LNG, the joint venture has begun discussions on potential synergies to optimise the development of the Elk-Antelope gas field.

Following ExxonMobil’s acquisition of InterOil early this year, the PNG LNG operator has become an equity partner in PRL 15 which contains the major Elk-Antelope gas field.

In a statement, ExxonMobil stated that the well successfully flowed gas at a rate of 16 million standard cubic feet per day.

The well rate was constrained by test facilities which limited tests to short flow and build up periods. Hydrocarbon samples were collected during the production test.

“We are encouraged by these well test results and will integrate them into the ongoing resource evaluation work and potential appraisal program in 2018,” president of ExxonMobil Exploration Company, Steve Greenlee said.

In a statement, Oil Search Limited announced that it has entered in an arrangement for the acquisition of a 30 percent interest in PPL’s 474, 475, 476, 477  and PRL 39.

The licenses were acquired by ExxonMobil when it completed its purchase and takeover of InterOil early this year.

As part of the proposed farm-in arrangements, Oil Search will undertake a seismic acquisition program over the licenses over the remainder of 2017 and into early 2018, on behalf of the operator, ExxonMobil.

Speaking during the sponsorship announcement of the Hela Wigmen by Kumul Petroleum Holdings Limited (KPHL) and the Hela Provincial Government, Potape reiterated the sentiment he made eight years ago.

He said this when commending KPHL and Managing Director, Wapu Sonk, for its support to the rugby league club.

“I made this speech in Kokopo when we signed the UBSA that one day a Papua New Guinea firm must take the place of ExxonMobil.

He says the company has secured petroleum prospecting licenses (PPL’s) over offshore potential reserve areas which are strategically located.

He made the comments during the Inaugural Petroleum and Energy Summit in Port Moresby.

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.

Duban said the acquisition will enable the company to create value for the shareholders of both companies and the people of Papua New Guinea.

On Monday, the Yukon Supreme Court in Canada approved a revised commercial arrangement between ExxonMobil and Interoil for the acquisition of the latter.

This follows a majority vote of 91 per cent by InterOil shareholders last week for the arrangements to take place.

Duban said the acquisition increases Exxonmobil’s position in the liquified natural gas business through a diverse asset base and strong dividend stream.

ExxonMobil will now own InterOil’s assets in the undeveloped Elk-Antelope gas fields, in the Gulf Province, and exploration licenses covering about 16,000sqkm.

In a statement today, InterOil announced that the Supreme Court of Yukon in Canada, granted a final order approving the arrangement between InterOil and ExxonMobil.

In November 2016 the Yukon Supreme Court had initially upheld an appeal by InterOil founder, Phil Mulacek, against an original takeover offer.

In a statement yesterday, more than 91 per cent of  votes were cast in favor of the proposed transaction yesterday in New York City in the United States.

Previously 80 per cent of shareholders voted to approve the original transaction  at a Special Meeting on September 21, 2016.

A court hearing in which InterOil is seeking a final order with respect to the Amended and Restated Plan of Arrangement is currently scheduled for February 20^th 2017.