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Exxon, Oil Search to Buy 40% Stake in Gulf of Papua Acreage
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U.S. super major ExxonMobil Corporation (XOM - Free Report) and Oil Search Ltd. recently signed a deal with Gini Energy, a company controlled by China’s Cnooc Ltd. (CEO - Free Report) , to acquire majority interest in two deepwater exploration acreages in the Gulf of Papua.
Under the terms, Oil Search and ExxonMobil will purchase 40% stake each in two exploration licenses from Gini Energy. ExxonMobil will become operator of the licenses, while Gini Energy will retain 20% equity holding.
The two licenses, namely PPL 373 and PPL 375, are situated roughly 150 kilometers south of Port Moresby. They cover a combined 24,936 kilometers, with water depths ranging from 1000 meters to 2500 meters.
According to a comprehensive study of exploration opportunities conducted by Oil Search in 2015 and 2016, offshore Gulf of Papua has been identified as an area with significant gas potential. Hence, Oil Search and ExxonMobil partnered with Gini Energy to acquire stakes in the region and cash in on the opportunities.
Irving, TX-based ExxonMobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses.
With an AAA credit profile and stable cash position, ExxonMobil’s balance sheet is one of the strongest in the industry. However, the company’s integrated functions make it susceptible to risk from any weakness in global economy.
As a result, ExxonMobil currently carries a Zacks Rank #3 (Hold), which implies that it will perform in line with the broader U.S. equity market over the next one to three months.
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Exxon, Oil Search to Buy 40% Stake in Gulf of Papua Acreage
U.S. super major ExxonMobil Corporation (XOM - Free Report) and Oil Search Ltd. recently signed a deal with Gini Energy, a company controlled by China’s Cnooc Ltd. (CEO - Free Report) , to acquire majority interest in two deepwater exploration acreages in the Gulf of Papua.
Under the terms, Oil Search and ExxonMobil will purchase 40% stake each in two exploration licenses from Gini Energy. ExxonMobil will become operator of the licenses, while Gini Energy will retain 20% equity holding.
The two licenses, namely PPL 373 and PPL 375, are situated roughly 150 kilometers south of Port Moresby. They cover a combined 24,936 kilometers, with water depths ranging from 1000 meters to 2500 meters.
According to a comprehensive study of exploration opportunities conducted by Oil Search in 2015 and 2016, offshore Gulf of Papua has been identified as an area with significant gas potential. Hence, Oil Search and ExxonMobil partnered with Gini Energy to acquire stakes in the region and cash in on the opportunities.
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Irving, TX-based ExxonMobil is the world’s largest publicly traded oil company, engaged in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses.
With an AAA credit profile and stable cash position, ExxonMobil’s balance sheet is one of the strongest in the industry. However, the company’s integrated functions make it susceptible to risk from any weakness in global economy.
As a result, ExxonMobil currently carries a Zacks Rank #3 (Hold), which implies that it will perform in line with the broader U.S. equity market over the next one to three months.
Some better-ranked players from the broader energy sector include NGL Energy Partners LP (NGL - Free Report) and Matador Resources Company (MTDR - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
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Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>