PERTH Oct 4 Exxon Mobil has secured an
additional $1.5 billion in debt financing for its $19 billion
Papua New Guinea liquefied natural gas (LNG) project, its
project partner Oil Search said on Friday.
The $1.5 billion in supplemental financing will help cover
overruns at the 6.9 million tonne per year LNG development,
where costs climbed to $19 billion from $15.7 billion late last
PNG LNG remains on track to deliver its first LNG cargoes in
2014, Oil Search said.
Partners in PNG LNG, led and operated by Exxon Mobil
subsidiary Esso Highlands Ltd, include Oil Search, National
Petroleum Company Papua New Guinea (NPCP), Santos, JX
Nippon Oil & Gas Exploration, Papua New Guinea's Mineral
Resources Development Company and Petromin PNG Holdings Limited.
The PNG LNG project is Papua New Guinea's biggest-ever
resources development and could lift GDP by 20 percent.