HOME ABOUT US ADVERTISE SUBSCRIBE HELP CONTACT eMag  
Saturday
2 August 2014
Make PNG my HomePage 
 
Exclusivity over: source

EXXONMOBIL’S exclusive period of negotiations for a large stake of InterOil’s Elk-Antelope field in Papua New Guinea is finally over, according to an industry source.

The PNG LNG joint venture's logo

The source told PNGIndustryNews.net that Exxon failed to close a deal and questioned why a press release was not made.

“It's dead,” the source said, before indicating that other pre-selected bidders have the opportunity to approach InterOil.

“They [InterOil] have opened it up again to others this morning.”

ExxonMobil has not commented on the matter.

“It is not our practice to comment on commercial discussions,” a spokesperson said.

Yet an InterOil spokesperson said negotiations between Exxon and InterOil were ongoing, although he needed to make enquiries to see if they were still on an exclusive basis.

The exclusive talks were first announced in late May with PNG Prime Minister Peter O’Neill telling Parliament they would last for up to 60 days.

While PNGIndustryNews.net understands there was a time extension, the source indicated it too had expired.

Exxon was aiming to acquire at least 4.6 trillion cubic feet of gas from the Elk-Antelope field to fuel a third train expansion of the PNG LNG project it operates.

However, Petroleum Minister William Duma along with Gulf Province parliamentarians had since campaigned against piping the Elk-Antelope gas outside of the province, providing an obstacle to Exxon’s plans.

At least two other supermajors previously made bids over the Elk-Antelope asset.

Click here to read the rest of today's news stories.

 



Company Search




Story Search

Advanced Search
LATEST NEWS

New direction for Indochine


More corruption charges for PNG’s Paraka


St Barbara forecasts write-downs


Barrick posts a loss


OceanaGold floats on weaker quarter


Pacific Islands leaders choose first female secretary general


US output likely to reduce OPEC production


Edie Creek soldiers on, despite challenges


Production promise prompts Pacific Niugini pivot


Kula gets mining lease approval

RELATED LINKS

[SECTION]
-Oil and Gas
-General News
-Market Watch
[REGION]
-PNG
[RELATED STORY]
-Exxon starts exclusive negotiations
-Exxon eyes 4.6Tcf: exclusive
-Exxon talks are my priority: Hession
-Exxon eyes ‘rapid’ expansion
-Contrasting messages
-Missing clues on Exxon talks
-Mainstream reporting is ‘dead’: OPINION
-Mulacek wants a ‘win-win’
-Vindication
-An ‘open’ race
-PNG LNG plant commissioning phase
-Gas hunt intensifies
[OTHER]
-Printable Version
-Send to a Friend



UPCOMING
EVENTS
RESOURCE ESTIMATION
COAL: EXPLORATION, EVALUATION & INTERNATIONAL BEST PRACTICE
The AusIMM New Leaders' Conference 2014
UNDERSTANDING THE DRILL AND BLAST PROCESS
Ninth International Mining Geology Conference 2014
GEOLOGY FOR NON-GEOLOGISTS
  View all events