Exxon's PNG LNG project set to nearly double crude exports this year

ExxonMobil (XOM -0.2%) says it will blend oil liquids from its PNG LNG gas export project in Papua New Guinea into the country's only crude blend, nearly doubling crude exports by the middle of the year.

The quality changes are not likely to be significant, but the rise in number of monthly cargoes could make the blend more attractive to regional refiners seeking steady supply of light sweet crude.

The $19B project is due to begin exports in mid-2014 of 6.9M metric tons/year of liquefied natural gas and produce 25K bbl/day of condensate that will be blended into the country's existing export stream.

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