ExxonMobil pulls out of Turkmenistan; signs MOU with PNG – Looking Ahead – memorandum of understanding with Papua New Guinea – Brief Article
After disappointing well test results, ExxonMobil is shutting down its operations in Turkmenistan. The Garashsyzlyk 2 well was drilled to 11,320 ft, instead of the 17,390 ft originally planned. Operator ExxonMobil (52.4%) has led a consortium developing the field since 1998. The firm will leave the former Soviet state completely next month. Meanwhile, the firm has signed a memorandum of understanding with Papua New Guinea to develop and produce more than 6 Tcfg in the Southern Highlands of the country.
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