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16 August 2006
Port Moresby - Esso Highlands Limited, a
subsidiary of Exxon Mobil Corporation, as operator of the Papua New Guinea Gas
Project, has been advised by AGL of their decision to scale back their Front
End Engineering and Design (FEED) activities on the Australian component of
the proposed PNG to Queensland gas pipeline, and write-off FEED costs incurred
to June 30, 2006.
This decision is regrettable but clearly
reflects the significant cost pressures which have been impacting the Project.
The PNG Gas Project participants are now considering the implications of the
AGL decision on the overall Project.
ExxonMobil is committed
to pursuing the appropriate development and commercialisation of PNG’s
significant gas resources.
The PNG Gas Project participants
are ExxonMobil (39.4% - Esso Highlands Limited as project operator), Oil
Search (44.2%), AGL (10.0%), MRDC (3% - a PNG company representing landowner
interests) and Nippon Oil Exploration Limited (3.4%).
Media
Contact :
Anna Schulze 03 9270 3182 / 0400 593 993
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