Oil Search eyes expansion of Papua New Guinea project with Exxon


Oil Search (OTCMKTS:OISHF), Exxon Mobil's (XOM +1.1%) biggest partner in its natural gas project in Papua New Guinea, says it believes enough new gas will be found in the country to justify a significant expansion of its processing facilities there.

Sufficient natural gas probably exists in PNG's highlands, including at a field called Hides, to warrant adding at least one train to its existing facility, Oil Search CEO Peter Botten says.

The Papua New Guinea development is a key part of XOM's efforts to expand oil and gas production, whcih has fallen each year since 2010.

Comments (1)
  • Veritas1010
    , contributor
    Comments (3344) | Send Message
     
    Additional investment by other principals serves only to vouchsafe for XOM's costly investment in this remote area of the world.

     

    XOM invests for decades out, other firms involved in the need for shorter payback schedules vote with there pock books by decisions like this.

     

    Run Tiger, run! The Asian Tiger awaits the fuel.

     

    disc.: long, generationlly long XOM.
    14 Jul 2014, 06:11 PM Reply Like
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