ExxonMobil Gas and Power Marketing Vice President Ron Billings said “With this agreement in place, the PNG LNG Project is now conducting exclusive discussions with major Asian LNG customers for binding sale purchase agreements covering the full project capacity.”
Sinopec Senior Vice President Wang Zhigang said “The LNG resource will be supplied to a LNG receiving terminal that Sinopec will build in China.”
The partners are working with Sinopec to finalise a binding sale and purchase agreement.
The PNG LNG Project envisages an integrated development of the Hides, Angore and Juha gas fields as well as associated gas from the Kutubu, Agogo, Gobe and Moran oil fields. The gas will be transported to the LNG plant near Port Moresby through more than 700 km of large diameter pipeline. A final investment decision is planned for later this year. The first LNG cargo is expected to be shipped in early 2014.
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The PNG LNG Project ownership currently consists of ExxonMobil as operator, Oil Search, Santos, Nippon Oil, Minerals Resource Development Company and Eda Oil Limited.
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