Company news: ExxonMobil, Comet Ridge and more

The Hides Conditioning Plant in PNG was affected by the earthquake.

The Hides Conditioning Plant in PNG was affected by the earthquake.

PPO News provides you with a wrap of this week’s company news and movements in the Australian oil and gas industry.

ExxonMobil has declared force majeure — unforeseeable circumstances that prevent a fulfilling of a contract — on deliveries from the PNG LNG following a 7.5 magnitude earthquake in PNG last week, according to industry sources.

ExxonMobil’s partner in the PNG LNG Project, Oil Search, said it may take approximately eight weeks to repair and restore production from the project.

Comet Ridge has revealed a material reserves upgrade for its share in the Mahalo Gas Project in ATP 1191 in Queensland’s Surat Basin.

Comet Ridge Managing Director Tor McCaul said the company’s 40 per cent net share of 2P reserves had increased by 473 per cent from 30 PJ to 172 PJ, while its net share of 3P reserves had risen 71 per cent to 374 PJ following completion of the 2017 work program.

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