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Exxon finds oil, gas in Papua New Guinea

Published 01/16/2018, 11:39 AM
© Reuters.  Exxon finds oil, gas in Papua New Guinea
  • Exxon Mobil (XOM -0.4%) says it discovered oil and natural gas after drilling the P’nyang South-2 well onshore Papua New Guinea and is evaluating the results with its partners Oil Search (OTCPK:OISHF, OTCPK:OISHY) and JX Nippon.
  • XOM says it drilled the exploration well to 8,940 ft. and found hydrocarbons in sandstone reservoirs, confirming that the gas-rich field encompassing the Toro and Digimu sandstones extends southeast.
  • XOM says the discovery adds to its growing inventory of low cost supply of natural gas in Papua New Guinea, adding to reserves acquired in its purchase of InterOil Corp., the increase in assessed reserves at the Hides gas field in the existing PNG LNG project and the recent nearby Muruk discovery.
  • Now read: Exxon Mobil And The Big Apple (NASDAQ:AAPL)'s Big Lawsuit


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