Oil giant ExxonMobil (XOM: 73.01, -0.78, -1.06%) agreed on Tuesday to move forward with a planned $15 billion liquefied natural gas project in Papua New Guinea.
The project's approval is hinging on landing sales agreements in Asia. The deals are expected to be completed by early 2010, according to Exxon. The project has the ability to produce 6.6 million tons of LNG per year, and is one of the largest natural resource development projects in Papua New Guinea.
"Pending completion of these sales and financing arrangements, significant project activity will commence in 2010," according to a company statement by Peter Graham, head of Exxon Mobil subsidiary Esso Highlands.
Papua New Guinea has about a 17% stake, and other partners include Santos Ltd. and Nippon Oil Corp. Exxon has a 33% stake and is likely to contribute more than $5 billion to the project.
Exxon shares fell 1.1% to $72.95.
http://www.foxbusiness.com/story/markets/industries/industrials/exxon-mobile-moves-forward-png-lng-natural-gas-project/
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