May 24 Liquefied natural gas producer InterOil
Corp and its joint venture partner have entered into
exclusive negotiations with Exxon Mobil Corp to develop
gas fields in Papua New Guinea.
The discussions include the possibility of an Exxon unit,
ExxonMobil Papua New Guinea Ltd, taking an interest in petroleum
retention license 15, InterOil said.
InterOil and its partner, Pacific LNG, will get funding to
drill additional wells in the Elk and Antelope fields, which
form part of the license.
Royal Dutch Shell Plc last July said it was in
talks to buy into InterOil's Papua New Guinea exploration
licenses and an LNG terminal.
InterOil has licenses covering about 3.9 million acres in
Papua New Guinea, and the company is also building a $6 billion
LNG terminal with an annual capacity of 9 million metric tons.
InterOil shares closed at $93.47, while Exxon closed at
$91.79 on the New York Stock Exchange on Thursday.