PNG LNG 120-day operational test finished

ExxonMobil PNG, operator of the PNG LNG project, has informed that the 120-day operational test for the LNG facilities has been successfully completed. 

This is just one of several tests required, and is an important milestone towards satisfaction of the financial completion tests set forth in the project’s financing arrangements, stands in the company statement.

After financial completion has been achieved, guarantees will be released, loan repayments will commence, and co-venture distributions will be permitted.

Financing for the project has been provided by a consortium of banks and export credit agencies.

The PNG LNG project is an integrated development that includes gas production and processing facilities, onshore and offshore pipelines and liquefaction facilities. Participating interests are affiliates of ExxonMobil (including ExxonMobil PNG as operator), Oil Search, National Petroleum Company Papua New Guinea, Santos, JX Nippon Oil and Gas Exploration, Mineral Resources Development Company and Petromin PNG Holdings.

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Press Release; Image: Oil Search