Exxon secures extra $1.5B financing for PNG LNG project

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM +0.7%) has secured an additional $1.5B in debt financing for its $19B Papua New Guinea liquefied natural gas project, according to project partner Oil Search (OIS +1.7%).

The $1.5B in supplemental financing will help cover overruns at the 6.9M metric tons/year LNG development, where costs have climbed to $19B.

The PNG LNG project is the country's biggest-ever resources development and could lift GDP by 20%; OIS says the project remains on track to deliver its first LNG cargoes in 2014.