Saturday, August 17, 2013

Talks fail between Exxon, InterOil for stake in PNG fields - report

Aug 16 (Reuters) - Shares of InterOil Corp fell 6 percent after a news website said the company's negotiations with Exxon Mobil Corp to develop liquefied natural gas fields in Papua New Guinea ended without a deal.
Exxon, the world's largest publicly traded oil company, failed to close a deal to buy into InterOil's license in Elk and Antelope fields, PNG Industry News reported on Friday, citing sources
InterOil was in talks to sell a stake in its license to ExxonMobil Papua New Guinea Ltd, potentially expanding Exxon's $19 billion Papua New Guinea liquefied natural gas (PNG LNG) project.
Exxon spokesman Patrick McGinn told Reuters the company does not comment on commercial discussions. InterOil could not be reached for comment.
Queensland, Australia-based InterOil received the license in November 2010, which covers nine blocks surrounding the Elk and Antelope fields. The company has petroleum licenses covering about 3.9 million acres in the country.
The talks also included funding of InterOil and its partner Pacific LNG to drill additional delineation wells in the fields

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