Energy Biz Review: ExxonMobil’s TEST, InterOil Shares SOAR

A rebound in natural gas prices could greatly help shares of Nabors Industries (NYSE:NBR), perhaps up to $30, says Barron’s weekend report. In addition, the firm’s new CEO Anthony Petrello, is pushing a ‘strategic and cultural transformation’, which is assuaging investors’ anger at Nabors’ former CEO getting generous perks and packages.

Two of ExxonMobil’s (NYSE:XOM) test bores in Poland failed to supply commercial quantities of gas, says a newspaper in that country, prompting the company to cease its shale gas exploration projects there. Exxon also has four other licenses in Poland, among the total of 109 that have been issued, which are being monitored closely as potential sites for shale natural gas.

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Shares of InterOil (NYSE:IOC) fly on positive new comments from Papua New Guinea president Peter O’Neil, who again promised strong support for IOC’s Gulf LNG project, over the weekend. The country’s Department of Petroleum and Energy had been trying to cancel the 2009 project agreement between PNG and IOC.

Chevron (NYSE:CVX) reports that it has sealed and abandoned the shallow water Funiwa 1A natural gas well offshore Nigeria, following the completion of a relief well. Production at the North Apoi field, which had been shut down as a precaution, also has been restored and the site is now producing approximately 2,000 barrels per day of oil.

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