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ExxonMobil Interested in Papua New Guinea Gas Assets

Exxon Mobil Corp. (XOM) is in exclusive talks with InterOil Corp. (IOC) to invest in the latter's natural gas assets in Papua New Guinea, a move that could cement the impoverished Southeast Asian country's position as a new significant energy exporter.International energy companies are upping their bets on regions that have previously played only small roles in the global energy industry in response to Asian demand for clean fuels. Papua New Guinea, better known for its jungles and tribal society, is due to start receiving a major revenue windfall next year when the Exxon Mobil-led $19 billion PNG LNG project starts up.Houston-based InterOil owns the Elk and Antelope natural gas discoveries in Papua New Guinea. In 2009, it signed an agreement with the government to develop a large-scale liquefied natural gas project on the country's south coast."ExxonMobil is in exclusive negotiations with InterOil over the Elk and Antelope developments," an Exxon spokeswoman said by telephone from Por...

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  1. ExxonMobil Says in Talks With InterOil Over Papua New Guinea Gas Assets

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