ExxonMobil finalises PNG LNG financing

ExxonMobil has announced the finalisation of financing agreements for the Papua New Guinea liquid natural gas (PNG LNG) project, and has reconfirmed that natural-gas deliveries will begin in 2014.

The project includes gas production and processing facilities in the Southern Highlands and Western Provinces of PNG, as well as liquefaction and storage facilities with a capacity of 6.6 million tonnes per year, located just north of the country’s capital.

Such was the scope of the deal and diversity of funding sources that it was recognised in the current issue of GTR as a Best Deal of 2009.

Neil Duffin, president of ExxonMobil development, says: “The project team successfully negotiated this complex transaction for the project in a very difficult financial market. We believe our record of developing and operating world-class assets was a key component of this successful financing.”