Exxon Mobil Secures USD 1.5 Billion Financing for PNG LNG Project

Exxon Mobil Secures USD 1.5 Billion Financing for PNG LNG Project

Esso Highlands, a subsidiary of Exxon Mobil and operator of the PNG LNG Project, said that financing arrangements to raise US$1.5 billion of supplemental project financing are complete, taking the total project financing facility to US$15.5 billion.

The financing was well supported, with the funds sourced from co- venturer and commercial bank lenders, and will be used to finance the debt component of the project cost increase announced in November 2012, a statement said.

The estimated cost of the LNG project remains unchanged, at US$19 billion, and the project remains on track to achieve first deliveries of LNG in the second half of 2014.

The PNG LNG project is a joint venture between Exxon Mobil, Oil Search , NPCP, Santos, JX Nippon Oil & Gas Exploration, Mineral Resources Development Company and Petromin PNG Holdings.

LNG World News Staff, October 4, 2013; Image: Oil Search

 

Share this article

Follow LNG World News

One thought on “Exxon Mobil Secures USD 1.5 Billion Financing for PNG LNG Project”

Comments are closed.

Events>

<< Sep 2016 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

The 7th Annual Floating LNG USA 2016

The 7th Annual Floating LNG USA 2016 will bring together over 65 speakers from every part of the FLNG value chain…

read more >

The 2nd Annual South Africa: Gas Options

The 2nd Annual South Africa: Gas Options meeting taking place on 3rd– 5th October at The Westin Cape Town hotel…

read more >

Gas to Liquids

The volatile oil price has had a dramatic impact on the Gas to Liquids market and some large-scale projects’ operators have struggled to adapt to this unsteady landscape. Over the last 12 months, we have witnessed a few promising projects halt or even shut down altogether. However, whilst some doors have had to close, other doors are opening with interesting emerging markets on the new GTL field. A few companies have discovered ways to significantly reduce operating costs and prove to be commercially viable despite the current economic climate.

Against this backdrop, SMi’s 19th annual Gas to Liquids conference will discuss how GTL companies can work with the tumbling oil price and how they can build robust strategies and create effective alternative solutions to enable them to weather the storm. The programme will have a special focus on small-scale GTL projects, giving you the chance to hear first-hand success stories from leading GTL operators. The two-day event will provide the ideal platform for experts to discuss with peers what companies need in place in order to overcome today’s challenges, with leading industry figures dissecting cutting edge topics, including project financing, marketing of GTL projects and innovative alternative applications of GTL plants.

For more information and to register online, visit: www.gas-to-liquids.co.uk

read more >

The Rio Oil & Gas Conference 2016

Rio Oil & Gas 2016 will address topics from energy efficiency to sustainable Oil & Gas industry…

read more >