Exxon Mobil Corp. (NYSE: XOM) announced on Dec. 28 a new natural gas discovery in Papua New Guinea. ExxonMobil said it has a 42.5% stake in the project, while the rest of the interest is owned by operator Oil Search Ltd., and Santos Ltd.
"We are excited by the results of the Muruk-1 exploration well, which confirms the presence of hydrocarbons in the same high-quality sandstone reservoirs as the Hides Field that underpins the PNG LNG project," said Steve Greenlee, president of ExxonMobil Exploration Co.
The PNG LNG Project is a 6.9 million tonnes per annum integrated LNG project operated by ExxonMobil PNG. The gas is sourced from seven fields, including the Hides, Angore and Juha gas fields.
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