Partners sanction Papa New Guinea LNG

ExxonMobil and its co-venturers will start development of the Papua New Guinea (PNG) liquefied natural gas (LNG) project next year, following the completion of sales and purchase agreements with LNG buyers and finalization of financing arrangements.

Offshore staff

IRVING, Texas -- ExxonMobil and its co-venturers will start development of the Papua New Guinea (PNG) liquefied natural gas (LNG) project next year, following the completion of sales and purchase agreements with LNG buyers and finalization of financing arrangements. Esso Highlands is the operator of the project.

“With global demand for LNG forecast to nearly triple by 2030, the PNG LNG Project will be an important supply source to meet this future demand, particularly for the economies in the fast growing Asia-Pacific region,” says Neil Duffin, president of ExxonMobil Development Co..

PNG LNG Project is an integrated development including gas production and processing facilities, onshore and offshore pipelines, and liquefaction facilities with capacity of 6.6 million tons/year (5.99 million metric tons/year). Participating interests are ExxonMobil (33.2%), Oil Search Ltd. (29%), Independent Public Business Corp. (PNG Government, 16.6%), Santos (13.5%), Nippon Oil Exploration (4.7%), Mineral Resources Development Co. (PNG landowners, 2.8%), and Petromin PNG Holdings (0.2%).

12/08/2009

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