Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation and operator of the PNG LNG Project, has advised that financing arrangements to raise $1.5bn of supplemental project financing are complete.
The PNG LNG Project is an integrated development that includes natural gas production and processing facilities, onshore and offshore pipelines and liquefaction facilities in Papua New Guinea.
Participating interests are affiliates of Exxon Mobil Corporation (including Esso Highlands Limited as operator), Oil Search Limited, National Petroleum Company Papua New Guinea, Santos Limited, JX Nippon Oil and Gas Exploration, Mineral Resources Development Company and Petromin PNG Holdings Limited.
A statement from oil Search Limited announced the new financing arrangements, which takes the total project financing facility to $15.5bn.
As advised by the operator on 2nd September 2013, the estimated cost of the project remains unchanged, at $19bn, and it remains on track to achieve first deliveries of LNG in the second half of 2014. The project is more than 90% complete and it is understood that the commissioning phase at the LNG plant has been started in preparation for the first LNG production in 2014.