Exxon Mobil is talking Muruk-1 up because its Interoil deal is facing serious legal problems and it needs to keep Interoil and the JV partners on board. What Exxon is really saying is that there are huge benefits in Muruk- 1 under the Contingency Resource clause in their TO contract in addition to the actual TO price so keep the faith. Unfortunately Muruk-1 only compounds the legal obstacle because it further cements an allegedly anti competitive deal on the PNG LNG Project. Following Mlacek's appeal win in the Yukon Supreme Court the ICCC has turned up the blow torch on them with announcements citing competition issues under section 69 of the ICCC Act and serious negative implications on competition. It seems likely that the Exxon - InterOil deal will only go through when there is serious competition in PNG. They need to go back to court and say that x and y and underway and there will be no monopoly situation in PNG. To support their case some stranded resources will suddenly find themselves commercialised and quickly. Horizon Oil (HZN), Kina Petroleum (KPL) Santos (STO) and Oil Search (OSH) are likely beneficiaries.
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