PNG LNG puts four cargoes up for sale

The $19 billion ExxonMobil-operated PNG LNG project has reportedly launched a tender to sell four spot cargoes.

The tender, which closes on Wednesday, offers two November-loading cargoes, one in January and one in March, Reuters reported on Tuesday citing trading sources.

ExxonMobil owns 41.6% percent in the LNG project while Oil Search holds a 29 percent interest in PNG LNG, partly located in the Highlands region of Papua New Guinea.

The project includes a gas conditioning plant in Hides and liquefaction and storage facilities near Port Moresby with a capacity of 6.9 million tonnes per year.

The PNG LNG project produced at a record annualized rate of 8.65 mtpa, nearly 25 percent above the plant’s nameplate capacity, during the second quarter of this year, according to Oil Search.

LNG World News Staff