A Review of the Nigerian Energy Industry

ExxonMobil pulls out of deal to acquire 50% of NGE’s stake in PPL 269

exxonmobil31 August 2013, News Wires – Australia’s oil and gas exploration firm New Guinea Energy Limited, NGE, announced that ExxonMobil Corporation’s subsidiary, Esso PNG Robin Limited (Esso) would not proceed with a proposed 50 percent acquisition of NGE’s participating interest in Petroleum Prospecting License (PPL) 269 in Western Province, Papua New Guinea, PNG.

“Esso has advised NGE that it has been unable to reach alignment on a number of confidential commercial matters (which have not been disclosed to NGE) with the other joint venturers in PPL 269 and that Esso will not be proceeding with the Sale Agreement,” NGE said in a press release.

NGE will now re-engage parties who have previously approached the firm with regards to a possible acquisition of an interest in PPL 269 in line with the company’s strategy of monetizing gas assets to focus on exploration for oil in PNG.

NGE’s subsidiary Kirkland Limited signed an agreement with Esso July 26 to sell 50 percent of its participating interest in PPL 269 for $40 million.

– Rigzone

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