Exxon Starts Drilling for Natural Gas in Papua New Guinea

By Vittorio Hernandez,

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Exxonmobil announced on Monday that it has started to drill for natural gas in Papua New Guinea ( PNG ) as part of its $15.7-billion PNG LNG venture. The drilling is at the Hides natural gas field at PNG's highlands.

The oil firm said it expects the field would yield nine trillion cubic feet of natural gas which would be piped to a liquefied natural gas ( LNG ) processing terminal and chilled for export to China, Japan and Taiwan.

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This article appears in: Investing Commodities
Referenced Stocks: LNG , PNG

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