Exxon plans to market 1.3M tons of LNG from Papua New Guinea plant

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

Exxon Mobil (XOM -0.1%) is marketing 1.3M metric tons/year of mid-term liquefied natural gas volumes from its $19B Papua New Guinea LNG plant, reflecting overproduction and an increase in gas reserves, a company executive tells Reuters.

The two-train plant with an original nameplate capacity of 6.9M tons/year produced 7.9M tons last year, making it possible to offer the excess for sale, according to the exec.

The move also is possible as XOM said previously that the likely technically recoverable natural gas from all PNG LNG fields is 11.5T cf, 25% higher than an earlier assessment of 9.2T cf.