Full steam ahead for Exxon Mobil PNG project
BY BARRY FITZGERALD
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The Exxon Mobil-led liquefied natural gas export project in Papua New Guinea has confirmed its jump on Australian LNG export projects.
Exxon Mobil said at the weekend it was now full steam ahead for the US$15 billion (NZ$21b) PNG project after sales and purchase deals with LNG buyers and project financing arrangements were completed.
First LNG deliveries from the 6.6 million-tonnes-a-year LNG project are due to begin in 2014, following a construction period of about four years.
In contrast, several Queensland LNG export projects are still looking to pin down LNG buyers ahead of making final investment decisions this year.
The partners in the PNG project are Exxon Mobil (33.2 per cent), Oil Search (29 per cent), the PNG government (16.6. per cent), Santos (13.5 per cent), Nippon Oil (4.7 per cent), PNG landowners (2.8 per cent) and Petromin PNG (0.2 per cent).
Funding for the project is from a mixture of equity from the joint venture partners and loans with export credit agencies and commercial providers.
- © Fairfax NZ News
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