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16 January 2006
Port Moresby - Esso Highlands Limited, a
subsidiary of Exxon Mobil Corporation, as operator of the Papua New Guinea Gas
Project, today announced that the project participants have signed a Gas Sales
Agreement with AGL.
The Gas Sales Agreement replaces the
conditional indicative terms agreement announced on 5 July 2005 and covers the
sale of around 1500 PJ of gas over 20 years from PNG Gas Project start-up.
"The PNG Gas Project is pleased to see the Gas Sales Agreement finalised with
AGL, one of Australia's largest energy companies", said Mr. Rob Franklin, Vice
President, New Business Development, ExxonMobil Gas and Power Marketing.
"Concluding this agreement represents an important step towards a project
sanction decision, which is targeted in 2006."
“The Project’s FEED program and related activities are continuing to progress.
These include the finalisation and optimisation of preliminary facility
design, and the regulatory, commercial and financing activities,” said Mr.
Peter Graham, Project Manager for the PNG Gas Project.
In
addition to the FEED program for the PNG component of the Project, APC (a
consortium led by AGL and Petronas) is undertaking the FEED program for the
Australian component of the pipeline.
The PNG Gas Project participants are ExxonMobil (39.4% - Esso Highlands
Limited as project operator), Oil Search (54.2%), 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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