4 Mar 2010

PNG's LNG production capacity is now committed says Esso Highlands Limited

11:42 am on 4 March 2010

Esso Highlands Limited, the Exxon Mobil subsidiary which is the operator of the Papua New Guinea liquified natural gas project, has announced that all the production capacity in the project is now committed.

It has just announced that CPC Corporation in Taiwan is to take one point two million tonnes of LNG annually for 20 years.

ExxonMobil Gas and Power Marketing vice president, Ron Billings, says CPC will deliver a reliable supply of cleaner-burning natural gas to meet Taiwan's growing energy demand and begin a new and lasting relationship between Taiwan's largest energy importer and PNG's first LNG project.

He says this deal means all the production capacity has been committed on a long-term basis and the company also expects to finalise financing arrangements with lenders by the end of this month.