April 12, 2018 / 12:55 AM / 4 months ago

ExxonMobil announces 84 percent increase in P'nyang resource

(Reuters) - ExxonMobil Corp said on Wednesday that natural gas resource at its P’nyang field in Papua New Guinea increased 84 percent from the company’s previous assessment in 2012.

FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo

The company said it now estimates 4.36 trillion cubic feet of gas at its P’nyang field.

“We are working closely with our joint venture partners and the government to progress the P’nyang field development proposal and secure the licenses needed,” President of ExxonMobil Development Co Liam Mallon said in a statement.

Earlier on Wednesday, ExxonMobil Vice President Emma Cochrane said the company has recertified the reserves in its P’nyang field in Papua New Guinea, and the reserves are higher than it previously thought.

Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sandra Maler

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