Exxon’s $19-bn PNG LNG project producing at full capacity
PORT MORESBY NCD, Papua New Guinea (Bloomberg) -- Exxon Mobil Corp., operator of a $19 billion LNG project in Papua New Guinea, said the development is producing at full capacity after starting ahead of schedule earlier this year.
The milestone follows a safe increase in output in the last few months, Exxon’s PNG unit said in an emailed response to questions. The plant was expected to be operating at full capacity by the end of 2014, according to a report last week from Citigroup Inc.
The project in the Pacific nation with partners including Oil Search Ltd. and Santos Ltd. is targeting an increase in Asian demand for natural gas. It began shipments in May. The companies are also considering an expansion of the development.
The first stage has a capacity of 6.9 million metric tons of LNG per year. The development has long-term contracts with Tokyo Electric Power Co., CPC Corp. of Taiwan, Osaka Gas Co. and China Petroleum & Chemical Corp.