Exxon sees PNG LNG exports starting mid-year, below $19B budget

ExxonMobil (XOM -0.5%) is on track to start exporting liquefied natural gas from Papua New Guinea by mid-year, ahead of schedule and below its $19B budget, according to the manager of the PNG LNG project.

The project has started commissioning a gas conditioning plant in the country's highlands, where the gas is drilled, a 180-mile onshore pipeline has been completed, and the first of two units at the LNG plant is ready.

The first shipment is likely to be a spot cargo, rather than going to one of PNG LNG's major Asian customers, who have contracted to take 95% of the plant's 6.9M metric tons/year of gas.

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