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Exxon finalizes agreements for natural gas project

FORBES.COM -- IRVING, Texas -- Exxon Mobil Corp. said Friday it is has finalized financing and sales agreements so it can begin developing a liquefied natural gas project in Papua New Guinea.

The company said the development positions it and its partners to meet growing energy demand in developing Asian countries.

The project includes gas production and processing facilities, onshore and offshore pipelines with capacity of 6.6 million tons per year.

Exxon, the world's largest publicly traded oil company, said its affiliate, Esso Highlands Ltd., will begin work on the project now that the agreements are complete.

The initial phase is estimated to cost $15 billion and deliveries are to begin in 2014. Funding will come from co-venturers and market-rate loans.

The project is expected to produce more

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Submitted Mar 13, 2010 By: UncleCurt

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honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Mar 14, 2010 9:29:12 PM Ignore honda0105 Report Abuse funding from co-ventures and market-rate loans. Great.. more chance of a financial collapse, right?
Blue48 Champion Author Illinois Posts:2,655 Points:673,595 Joined:Feb 2007	Message Posted: Mar 14, 2010 7:50:25 PM Ignore Blue48 Report Abuse WHATEVER!
honda0105 Champion Author Tallahassee Posts:10,793 Points:633,350 Joined:Nov 2008	Message Posted: Mar 13, 2010 2:40:20 PM Ignore honda0105 Report Abuse ruin the little bit of nature that Papua New Guinea has by putting out oil and gas wells in the jungle. All for the good of the American wasters whose waistlines are ever increasing because they can't roll off the couch without assistance any more but have to have that extra quarter pound burger with extra mayonnaise... Wake up America! Too bad there's no Wall-E to save the ship...
ronsimonil All-Star Author Illinois Posts:718 Points:152,595 Joined:Mar 2009	Message Posted: Mar 13, 2010 12:27:40 PM Ignore ronsimonil Report Abuse long way off in the future. many things can happen to halt it.
MUSTANGSRUS Champion Author Ontario Posts:4,748 Points:1,002,120 Joined:Sep 2006	Message Posted: Mar 13, 2010 8:52:24 AM Ignore MUSTANGSRUS Report Abuse Why not build as close as possible to your biggest consumer? Makes sense to me.
REVLAW Champion Author San Antonio Posts:5,434 Points:1,035,040 Joined:Jul 2007	Message Posted: Mar 13, 2010 8:37:42 AM Ignore REVLAW Report Abuse More overseas ventures ... less benefit at home.
mazdaboy Champion Author Portland Posts:3,032 Points:1,138,200 Joined:Aug 2003	Message Posted: Mar 13, 2010 8:31:27 AM Ignore mazdaboy Report Abuse That's a lot of money and a long wait.
LeeFree Champion Author Pittsburgh Posts:4,400 Points:1,295,625 Joined:Jun 2005	Message Posted: Mar 13, 2010 8:24:57 AM Ignore LeeFree Report Abuse Gotta keep the pipeline full but that sounds like a steep price to pay.
mreMN Veteran Author Twin Cities Posts:398 Points:173,455 Joined:Oct 2008	Message Posted: Mar 13, 2010 8:24:39 AM Ignore mreMN Report Abuse Too bad it has to take so long to do.
wegman Champion Author Twin Cities Posts:2,928 Points:1,129,705 Joined:Jun 2001	Message Posted: Mar 13, 2010 8:22:55 AM Ignore wegman Report Abuse Two VERY good things here. No OPEC. Western company is doing the development.
Gassed01 Champion Author Toronto Posts:1,756 Points:852,575 Joined:Jan 2006	Message Posted: Mar 13, 2010 8:16:47 AM Ignore Gassed01 Report Abuse Good for them. Will the gas come to North America?
indyjim Champion Author Indianapolis Posts:4,768 Points:1,350,645 Joined:Jul 2006	Message Posted: Mar 13, 2010 8:16:36 AM Ignore indyjim Report Abuse Increased supply will keep prices at bay.
sjl08203 Champion Author New Jersey Posts:4,089 Points:975,290 Joined:Aug 2005	Message Posted: Mar 13, 2010 8:12:18 AM Ignore sjl08203 Report Abuse Anything to reduce need for near east oil is good.
FlyNFool Champion Author South Carolina Posts:3,581 Points:724,270 Joined:Aug 2008	Message Posted: Mar 13, 2010 8:10:02 AM Ignore FlyNFool Report Abuse Go get it!
captngasTN Champion Author Tennessee Posts:1,738 Points:429,775 Joined:Jun 2009	Message Posted: Mar 13, 2010 8:09:01 AM Ignore captngasTN Report Abuse Gotta sell your product where the need is. 2014 is a long way off.
SpruceGuse2 Champion Author Michigan Posts:4,898 Points:1,493,665 Joined:Mar 2006	Message Posted: Mar 13, 2010 8:08:24 AM Ignore SpruceGuse2 Report Abuse Good for them, they are keeping America up with the progressive countries.
RedRam2005 Champion Author San Antonio Posts:3,559 Points:603,550 Joined:Dec 2007	Message Posted: Mar 13, 2010 8:07:35 AM Ignore RedRam2005 Report Abuse Natural gas is a good thing for exxon and the US
bell05 Champion Author Atlanta Posts:4,356 Points:907,155 Joined:Jun 2005	Message Posted: Mar 13, 2010 8:05:21 AM Ignore bell05 Report Abuse sleepyt; man do I ever agree with you.
AC-302 Champion Author Los Angeles Posts:14,877 Points:1,947,685 Joined:Aug 2004	Message Posted: Mar 13, 2010 8:04:45 AM Ignore AC-302 Report Abuse Bully for XOM. Energy and minerals are their business. They are simply "mining" a mineral and providing it to a willing marketplace. Great! We need that LNG as fuel for furnaces, hot water heaters, stoves and possibly even cars. Good for them.
mickealo Champion Author Spokane Posts:1,471 Points:1,213,370 Joined:Oct 2006	Message Posted: Mar 13, 2010 8:04:38 AM Ignore mickealo Report Abuse sounds like good thing on the surface anyway but why is it there not here
bad_sailor Champion Author London Posts:2,994 Points:727,080 Joined:Dec 2007	Message Posted: Mar 13, 2010 8:01:31 AM Ignore bad_sailor Report Abuse They will do whatever they can to make the most profit.
bills55 Champion Author San Diego Posts:1,178 Points:303,950 Joined:Sep 2009	Message Posted: Mar 13, 2010 7:59:37 AM Ignore bills55 Report Abuse They need to do natural gas projects here, in the U.S.
turbosaab Champion Author Cleveland Posts:9,139 Points:1,438,665 Joined:Sep 2006	Message Posted: Mar 13, 2010 7:58:43 AM Ignore turbosaab Report Abuse I'm not sure why people are knocking this. It looks good to me.
DieselKat Champion Author Tennessee Posts:1,724 Points:1,415,510 Joined:Oct 2005	Message Posted: Mar 13, 2010 7:58:21 AM Ignore DieselKat Report Abuse When you see a need and can supply it, do it.
ILVET Champion Author Illinois Posts:9,910 Points:1,964,845 Joined:Jan 2005	Message Posted: Mar 13, 2010 7:56:56 AM Ignore ILVET Report Abuse This whole thing is like a cat eating its tail
cv Champion Author Raleigh Posts:10,264 Points:2,292,105 Joined:Oct 2003	Message Posted: Mar 13, 2010 7:56:05 AM Ignore cv Report Abuse That's all we need now, another way to control gas prices...this time it is natural gas because we have seen that more supplies doesn't necessarily mean lower prices.
sleepyt Champion Author Chicago Posts:1,410 Points:420,490 Joined:Mar 2008	Message Posted: Mar 13, 2010 7:53:55 AM Ignore sleepyt Report Abuse Folks, buy American may be nice, but if you haven't noticed, the Chinese government holds billions of US debt. It'd be nice if we were selling things to China, rather than the current state of affairs.
KillChain Champion Author Albuquerque Posts:2,264 Points:603,800 Joined:Jun 2006	Message Posted: Mar 13, 2010 7:53:24 AM Ignore KillChain Report Abuse Mo'Money, Yo!
mk9999 Champion Author Rochester Posts:2,982 Points:697,195 Joined:Aug 2008	Message Posted: Mar 13, 2010 7:52:53 AM Ignore mk9999 Report Abuse And somehow this will cause our gas prices to go up.
HankHill09 Champion Author Long Island Posts:1,241 Points:249,650 Joined:Sep 2009	Message Posted: Mar 13, 2010 7:51:24 AM Ignore HankHill09 Report Abuse As long as it's bringing money back to the U.S !!!!
rsm315 All-Star Author Detroit Posts:845 Points:220,505 Joined:Dec 2009	Message Posted: Mar 13, 2010 7:50:26 AM Ignore rsm315 Report Abuse Whats wrong with investing money here? BUY AMERICAN
nurdco Champion Author Colorado Springs Posts:3,832 Points:719,030 Joined:Apr 2008	Message Posted: Mar 13, 2010 7:49:32 AM Ignore nurdco Report Abuse PROFITs from Oil Breeds GREED and further CONTROL
BartBuzz Champion Author Atlanta Posts:3,943 Points:810,985 Joined:Aug 2006	Message Posted: Mar 13, 2010 7:48:01 AM Ignore BartBuzz Report Abuse Too bad Exxon has to go all the way to New Guinea when there are natural resources in the US to develop. Why doesn't Washington focus on a national energy policy instead of bankrupting the US with excessive spending.
TheSnowstorm Champion Author Montreal Posts:4,463 Points:1,005,630 Joined:June 2005	Message Posted: Mar 13, 2010 7:47:18 AM Ignore TheSnowstorm Report Abuse Natural gas is many times more clean that crude. It is a very viable alternative to help lessen the dependence on oil.
salog Champion Author Columbia Posts:3,533 Points:879,840 Joined:Oct 2006	Message Posted: Mar 13, 2010 7:44:37 AM Ignore salog Report Abuse the rich get richer
BeaverBilly Champion Author Alberta Posts:4,995 Points:1,578,660 Joined:Feb 2003	Message Posted: Mar 13, 2010 7:44:21 AM Ignore BeaverBilly Report Abuse Natural Gas is needed globally.
TommyTraveler Champion Author Cincinnati Posts:3,701 Points:723,980 Joined:Nov 2007	Message Posted: Mar 13, 2010 7:42:59 AM Ignore TommyTraveler Report Abuse Wneed alternative energy sources to keep price competitive.
throttle Champion Author Maryland Posts:7,877 Points:1,655,405 Joined:Jul 2004	Message Posted: Mar 13, 2010 7:42:34 AM Ignore throttle Report Abuse Every little bit helps.
adr47 Champion Author Saskatchewan Posts:2,411 Points:540,470 Joined:Nov 2008	Message Posted: Mar 13, 2010 7:41:04 AM Ignore adr47 Report Abuse Big guys know crude has a limited supply
RochBear Champion Author Minnesota Posts:5,569 Points:1,054,140 Joined:May 2006	Message Posted: Mar 13, 2010 7:40:54 AM Ignore RochBear Report Abuse Asia's increase in Energy consumption is worrysome, since if they greatly increase their demand, the price will go WAY up for everyone.
theawesome1 Champion Author Cleveland Posts:3,661 Points:810,140 Joined:Aug 2005	Message Posted: Mar 13, 2010 7:40:40 AM Ignore theawesome1 Report Abuse Rumor has it they will dig in private property for natural gas. SO keep watching your back yard if you are over an acre.
cableman31 Champion Author New York Posts:4,052 Points:1,072,780 Joined:May 2004	Message Posted: Mar 13, 2010 7:39:45 AM Ignore cableman31 Report Abuse goalie1950 makes a very GOOD point. We know the track record of Exxon-Mobil. There main motto is,"THE PUBLIC BEDAMED".
WonderfulMI Champion Author Michigan Posts:5,872 Points:812,350 Joined:Jun 2008	Message Posted: Mar 13, 2010 7:39:09 AM Ignore WonderfulMI Report Abuse This is a positive move. I hope that they do not trash the local water supply.
Bleeder Champion Author Virginia Posts:3,931 Points:818,705 Joined:Jan 2008	Message Posted: Mar 13, 2010 7:37:24 AM Ignore Bleeder Report Abuse That is a pretty big project. Nice to see them venturing a little bit outside the oil lane.
goalie1950 Champion Author Phoenix Posts:1,630 Points:327,375 Joined:Oct 2009	Message Posted: Mar 13, 2010 7:35:29 AM Ignore goalie1950 Report Abuse Not sure a major oil company becoming involved in a natural gas venture like this is a good thing especially when you take into account their track record on oil & gasoline pricing. Exxon will want to recover their investment ten fold by the time this project is operational. That can only mean one thing: higher prices for natural gas users.
jimraehl Champion Author Utah Posts:2,192 Points:671,590 Joined:Sep 2008	Message Posted: Mar 13, 2010 7:34:37 AM Ignore jimraehl Report Abuse Doesn't the USA have natural gas?
Bubba44612 Champion Author Ohio Posts:2,676 Points:918,925 Joined:Aug 2005	Message Posted: Mar 13, 2010 7:33:56 AM Ignore Bubba44612 Report Abuse They just keep getting bigger.
granma3xnow Champion Author Indiana Posts:1,998 Points:410,675 Joined:Dec 2008	Message Posted: Mar 13, 2010 7:33:54 AM Ignore granma3xnow Report Abuse AND????? (Exxon is not a favorite of mine)
wizzard1222 Champion Author St. Louis Posts:3,723 Points:1,346,115 Joined:Mar 2006	Message Posted: Mar 13, 2010 7:31:59 AM Ignore wizzard1222 Report Abuse Reaching out to more "assets" to bring home !!!!
FocusGuy Champion Author Seattle Posts:2,121 Points:458,350 Joined:Apr 2009	Message Posted: Mar 13, 2010 7:31:19 AM Ignore FocusGuy Report Abuse we ought to be doing it here. are we stupid or un informed?