ExxonMobil said on Thursday it would buy InterOil for more than $2.5 billion in stock, adding a gas field to expand exports from Papua New Guinea and better positioning it to meet Asian demand for liquified natural gas.
Oil majors are targeting Papua New Guinea for growth as the quality of its gas, low costs and proximity to Asia’s big LNG consumers make it one of the most attractive places to develop projects following a collapse in oil and gas prices.
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