2 Dec 2011

Exxon faces budget blowout for huge LNG project in Papua New Guinea

3:51 pm on 2 December 2011

Exxon Mobil faces an almost five percent cost increase for its liquefied natural gas export project in Papua New Guinea because of the high Australian dollar.

Bloomberg reports that the increase adds 700 million US dollars to the cost of the joint-venture.

Exxon subsidiary, Esso Highlands, says the venture is on track to begin exports by 2014.