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Exxon Starts Drilling for Natural Gas in Papua New Guinea

By International Business Times,  July 30, 2012, 09:15:34 PM EDT

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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: LNG, PNG



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