Exxon Signs New LNG Agreement

abarrelfull wrote on 23 Dec 2009 11:31
Tags: exxon lng png

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Exxon have announced another major LNG Deal.

Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation (NYSE:XOM) and operator of the PNG LNG Project, today announced that the Project participants have finalized a Sale and Purchase Agreement with Osaka Gas Co., Ltd. for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 1.5 million tonnes per annum (MTA).

The agreement is effective for a 20-year period.

This is a major step towards the realisation of the project, which will be a major investment for Papua New Guinea.

The PNG LNG co-venturers recently announced approval to proceed with the development of the Project pending completion of all sales and purchase agreements with LNG customers and finalization of financing arrangements with lenders.

We know that Exxon is bullish on Natural Gas, their recent acquistion proved that once again. Demand for the cleanest of fossil fuels is set to continue its rapid growth, and Big Oil is spending eye watering sums of money to become Big Gas.

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