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ExxonMobil (XOM) to Resume P'nyang Talks With Papua New Guinea
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Exxon Mobil Corporation (XOM - Free Report) is expected to resume negotiations with the government of Papua New Guinea for the P’nyang gas project development, per reports. Negotiations are on the table after almost two years of pause.
Bot the parties have signed a letter of intent for the project in Papua New Guinea’s Western Highlands to highlight their commitment to forge a deal. The Minister for Petroleum of the country, KerengaKua expects a chain of workshops to follow for the next few weeks. By September-end, P'nyang Heads of Agreement will likely be signed between the involved entities. A gas agreement is expected to follow next.
ExxonMobil and the stakeholders in the project earlier expected to develop P'nyang to feed an additional train to the existing two-train PNG LNG facility. There’s a possibility of the project evolving to become a feed source for the existing processing units. The proposed development of the project might incorporate construction of a new pipeline from Hides in the Central Highlands to P'nyang. Operator ExxonMobil has other companies including Oil Search as partners in the project.
The poverty-stricken country is looking for better returns from the deal to boost its economy. In fact, it recently provided TotalEnergies SE (TTE - Free Report) the right to proceed with pre-FEED and FEED operations at the Papua LNG project, which is likely to bring the country 51% of the project revenues. The government expects similar benefits from the P'nyang project with ExxonMobil.
Price Performance
ExxonMobil has gained 33.2% in the year-to-date period compared with 17% rally of the industry it belongs to.
The Zacks Consensus Estimate for Range Resources’ earnings for 2021 is pegged at $1.53 per share, indicating a massive improvement from the year-ago loss of 9 cents.
The consensus estimate for Cheniere’s earnings for 2021 is pegged at $2.53 per share, signaling a major improvement from the year-ago loss of 34 cents.
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ExxonMobil (XOM) to Resume P'nyang Talks With Papua New Guinea
Exxon Mobil Corporation (XOM - Free Report) is expected to resume negotiations with the government of Papua New Guinea for the P’nyang gas project development, per reports. Negotiations are on the table after almost two years of pause.
Bot the parties have signed a letter of intent for the project in Papua New Guinea’s Western Highlands to highlight their commitment to forge a deal. The Minister for Petroleum of the country, KerengaKua expects a chain of workshops to follow for the next few weeks. By September-end, P'nyang Heads of Agreement will likely be signed between the involved entities. A gas agreement is expected to follow next.
ExxonMobil and the stakeholders in the project earlier expected to develop P'nyang to feed an additional train to the existing two-train PNG LNG facility. There’s a possibility of the project evolving to become a feed source for the existing processing units. The proposed development of the project might incorporate construction of a new pipeline from Hides in the Central Highlands to P'nyang. Operator ExxonMobil has other companies including Oil Search as partners in the project.
The poverty-stricken country is looking for better returns from the deal to boost its economy. In fact, it recently provided TotalEnergies SE (TTE - Free Report) the right to proceed with pre-FEED and FEED operations at the Papua LNG project, which is likely to bring the country 51% of the project revenues. The government expects similar benefits from the P'nyang project with ExxonMobil.
Price Performance
ExxonMobil has gained 33.2% in the year-to-date period compared with 17% rally of the industry it belongs to.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space include Range Resources Corporation (RRC - Free Report) and Cheniere Energy, Inc. (LNG - Free Report) , each having a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Range Resources’ earnings for 2021 is pegged at $1.53 per share, indicating a massive improvement from the year-ago loss of 9 cents.
The consensus estimate for Cheniere’s earnings for 2021 is pegged at $2.53 per share, signaling a major improvement from the year-ago loss of 34 cents.