Exxon finalises Japan deal for PNG gas project

United States energy group Exxon Mobil Monday said it had reached an agreement with Tokyo Electric Power Co. Inc. to supply it with gas from its Liquefied Natural Gas (LNG) project in Papua New Guinea.Under the binding agreement, the PNG LNG Project to be operated by Exxon would feed the Japanese company some 1.8 million metric tons of LNG each year for 20 years, it said.The project plans to develop gas fields in Papua New Guinea's Southern Highlands and Western Province and transport the gas via pipeline to a LNG facility near Port Moresby for shipment overseas.

By Vatalyst: Chevron (CVX) will no doubt rise, especially now that it has secured a strong foothold in the supply of Japan's demand for liquefied natural gas (LNG).

Beijing's smog problems have existed for decades, but in recent weeks the situation seems to have gone into overdrive.

US-based energy giant Exxon Mobil said Saturday it had finalised financing and sales agreements for its 15 billion US dollar gas project in Papua New Guinea and was ready to begin construction."Sales and purchase agreements with buyers and financing arrangements with lenders are now complete and the project is proceeding with full execution," Exxon said in a statement."First deliveries are scheduled to begin in 2014, following a construction period of about four years," it added.

By Shareholders Unite:Discord in Papua New Guinea (PNG)? Not really.

Centrica Plc, the U.K.’s largest household energy supplier, signed a 20-year deal to import natural gas from the U.S., securing supplies as production from British North Sea fields decline.

SYDNEY (Reuters) - Exxon Mobil said it faces a $3.3 billion spike in costs at its LNG project in Papua New

Australia has welcomed a 90 billion dollar (82 billion US) deal to supply liquefied natural gas (LNG) to a Japanese power company in what is believed to be the country's biggest export sales contract.Western Australia state Premier Colin Barnett said the long-term gas sales agreement between Chevron and the Tokyo Electric Power Company would see 4.1 million tonnes of LNG sent to Japan each year."The sales contract amounts to some 90 billion dollars," Barnett told reporters Saturday.