PNG LNG on track for 2014 start-up ExxonMobil has announced that sales and purch ...

PNG LNG on track for 2014 start-up ExxonMobil has announced that sales and purchase agreements with LNG buyers and financing arrangements with lenders are now complete, and its affiliate Esso Highlands, is proceeding with full execution of the Papua New Guinea (PNG) LNG project. The integrated development includes gas production and processing facilities in the Southern Highlands and Western Provinces of PNG; liquefaction and storage facilities with the capacity of 6.6mn t/y; and over 700 km of pipelines connecting the facilities. Participating interests include Esso Highlands as operator (33.2%), Oil Search (29%), Independent Public Business Corporation (PNG government, 16.6%), Santos (13.5%), Nippon Oil Exploration (4.7%), Mineral Resources Development Company (PNG landowners, 2.8%) and Petromin PNG Holdings (0.2%). The investment for the initial phase of the project, excluding shipping costs, is estimated at $15bn. Over its 30-year life, PNG LNG is expected to produce over 9tn cf of gas. First LNG deliveries are scheduled to begin in 2014, following a construction period of about four years.

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