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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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MertieMan Champion Author Lexington Posts:9,842 Points:1,921,235 Joined:May 2005	Message Posted: Mar 13, 2010 6:17:24 AM Ignore MertieMan Report Abuse With all of our troubles with energy right now, what does this idiotic company do, aid and abet a foreign country. They should be tried for treason.
RoadhogMA Champion Author Boston Posts:2,094 Points:477,600 Joined:Dec 2008	Message Posted: Mar 13, 2010 6:17:11 AM Ignore RoadhogMA Report Abuse Good luck Exxon .
roadrunnerMO Champion Author Kansas Posts:3,446 Points:736,320 Joined:Jul 2008	Message Posted: Mar 13, 2010 6:16:43 AM Ignore roadrunnerMO Report Abuse Yep, need to capture some of that gas in D.C.
dave364 Champion Author Lansing Posts:1,328 Points:537,205 Joined:Nov 2007	Message Posted: Mar 13, 2010 6:13:19 AM Ignore dave364 Report Abuse bring it home exxon not papua new guinea
rogerparry Champion Author Florida Posts:4,624 Points:941,505 Joined:Jan 2008	Message Posted: Mar 13, 2010 6:12:19 AM Ignore rogerparry Report Abuse Drill baby drill.
dhawk24 Champion Author Maine Posts:3,073 Points:676,355 Joined:Jul 2008	Message Posted: Mar 13, 2010 6:05:42 AM Ignore dhawk24 Report Abuse Why don't they expand in the USA?
FBI2991 Champion Author Michigan Posts:1,572 Points:415,630 Joined:Nov 2008	Message Posted: Mar 13, 2010 6:05:32 AM Ignore FBI2991 Report Abuse Congress is the biggest source of natural gas!
weenerdog Champion Author Detroit Posts:4,938 Points:942,870 Joined:Jan 2008	Message Posted: Mar 13, 2010 6:03:23 AM Ignore weenerdog Report Abuse they are diversifying
DrivingFool2 Champion Author Wisconsin Posts:3,492 Points:649,740 Joined:Apr 2005	Message Posted: Mar 13, 2010 6:01:07 AM Ignore DrivingFool2 Report Abuse Exxon is going for the money again
applejoe Champion Author Twin Cities Posts:2,687 Points:556,295 Joined:May 2001	Message Posted: Mar 13, 2010 6:00:23 AM Ignore applejoe Report Abuse Soon the Exxon gate will close and we all will have to pay what Exxon wants!!!
Jamer Champion Author Orange County Posts:3,992 Points:702,475 Joined:Jul 2002	Message Posted: Mar 13, 2010 5:58:28 AM Ignore Jamer Report Abuse Funding right out of the consumers pocket.
spiderjay Champion Author Little Rock Posts:2,250 Points:582,555 Joined:Oct 2005	Message Posted: Mar 13, 2010 5:57:33 AM Ignore spiderjay Report Abuse King Exxon cornering the market on all
1fulltank Champion Author Buffalo Posts:3,010 Points:581,850 Joined:Nov 2008	Message Posted: Mar 13, 2010 5:55:46 AM Ignore 1fulltank Report Abuse Right. ""Funding" will eventually come from the end-user.
racerdj Champion Author Indianapolis Posts:4,925 Points:1,082,985 Joined:Jun 2003	Message Posted: Mar 13, 2010 5:52:42 AM Ignore racerdj Report Abuse I wish Congress would finally get behind natural gas.
mandoid Champion Author Colorado Springs Posts:2,894 Points:616,730 Joined:May 2008	Message Posted: Mar 13, 2010 5:52:08 AM Ignore mandoid Report Abuse good news for exxon and their stockholders
QueenMother Champion Author New Hampshire Posts:2,751 Points:1,225,200 Joined:May 2006	Message Posted: Mar 13, 2010 5:50:58 AM Ignore QueenMother Report Abuse Great news for people who uses natural gas.
biza4u Champion Author New Haven Posts:3,626 Points:660,430 Joined:Jan 2007	Message Posted: Mar 13, 2010 5:46:03 AM Ignore biza4u Report Abuse Why not more LNG in the USA
jppezz Champion Author New Mexico Posts:3,649 Points:717,130 Joined:Jun 2008	Message Posted: Mar 13, 2010 5:44:07 AM Ignore jppezz Report Abuse Natural gas is a big help to our energy situtation,so just do it.
bababooey2 Champion Author Hartford Posts:1,491 Points:327,815 Joined:Sep 2009	Message Posted: Mar 13, 2010 5:43:04 AM Ignore bababooey2 Report Abuse There's a wealth of it in Washington
clermont40miles Champion Author Cincinnati Posts:4,766 Points:808,620 Joined:Apr 2008	Message Posted: Mar 13, 2010 5:41:07 AM Ignore clermont40miles Report Abuse Natural gas must be liquefied for transportation. Therefore it must be done where the gas is. Where it goes from there depends upon the market -- who buys it. Could be USA or anywhere.
gasandgoAL Champion Author Alabama Posts:1,951 Points:614,380 Joined:Sep 2008	Message Posted: Mar 13, 2010 5:37:28 AM Ignore gasandgoAL Report Abuse could this not be done here and employee our people
JimL1 Champion Author Phoenix Posts:3,153 Points:386,895 Joined:Jul 2003	Message Posted: Mar 13, 2010 5:37:12 AM Ignore JimL1 Report Abuse China is everywhere. "Among its customers are CPC Corp., Taiwan; Osaka Gas Co. Ltd.; The Tokyo Electric Power Co. Inc. and Unipec Asia Co. Limited, which is a subsidiary of China Petroleum and Chemical Corp."
BoerneWatch Champion Author San Antonio Posts:10,105 Points:1,480,110 Joined:Oct 2005	Message Posted: Mar 13, 2010 5:35:51 AM Ignore BoerneWatch Report Abuse Not a bad thing.
skybiker Champion Author South Carolina Posts:3,340 Points:663,205 Joined:Jul 2008	Message Posted: Mar 13, 2010 5:35:33 AM Ignore skybiker Report Abuse Jobs for new Guinea.....Thanks Exxon........
VetteFan Champion Author Indiana Posts:4,876 Points:1,067,420 Joined:Aug 2005	Message Posted: Mar 13, 2010 5:34:03 AM Ignore VetteFan Report Abuse Any where that Exxon does business is going to share in the cost of this project.
Bpers2001 All-Star Author Seattle Posts:735 Points:104,070 Joined:Nov 2009	Message Posted: Mar 13, 2010 5:33:20 AM Ignore Bpers2001 Report Abuse What happens when the world then runs low on natural gas?
Redink Champion Author Indianapolis Posts:2,448 Points:468,170 Joined:Aug 2005	Message Posted: Mar 13, 2010 5:31:40 AM Ignore Redink Report Abuse As long as we don't have to pay for it here.
FMREALTOR Champion Author Florida Posts:1,667 Points:762,620 Joined:Jan 2007	Message Posted: Mar 13, 2010 5:31:11 AM Ignore FMREALTOR Report Abuse Drill into that shale.
hwnguy Champion Author Honolulu Posts:2,981 Points:647,780 Joined:Apr 2008	Message Posted: Mar 13, 2010 5:30:18 AM Ignore hwnguy Report Abuse Exxon is ruling all.
hybridaholic Champion Author Wisconsin Posts:3,353 Points:595,610 Joined:Dec 2008	Message Posted: Mar 13, 2010 5:28:37 AM Ignore hybridaholic Report Abuse Energy cost are going to rise substantially.
Metroman Champion Author Philadelphia Posts:8,202 Points:1,647,470 Joined:Aug 2003	Message Posted: Mar 13, 2010 5:26:37 AM Ignore Metroman Report Abuse Of course, Exxon is going to tie-up every enerrgy source if they can
dar 1 Champion Author Michigan Posts:1,095 Points:212,825 Joined:Jan 2005	Message Posted: Mar 13, 2010 5:23:45 AM Ignore dar 1 Report Abuse Good for them and us?
kyrunner Champion Author Lexington Posts:3,941 Points:727,660 Joined:Aug 2008	Message Posted: Mar 13, 2010 5:23:12 AM Ignore kyrunner Report Abuse Great to hear they are trying to do the right thing by diversifying.
afghaned Champion Author Hamilton Posts:4,390 Points:313,600 Joined:May 2004	Message Posted: Mar 13, 2010 5:16:39 AM Ignore afghaned Report Abuse Jobs for people are good. Profit for the company will be good. Secondary jobs from the project workers will assist the country. Now if only the greedy blood suckers would see this as a positive step rather than a reason to raise prices.
NewfieGasMan Veteran Author Newfoundland Posts:394 Points:240,745 Joined:Oct 2009	Message Posted: Mar 13, 2010 5:15:53 AM Ignore NewfieGasMan Report Abuse so will that help drive down the price of gas?
granitestater Champion Author New Hampshire Posts:4,116 Points:639,500 Joined:Oct 2008	Message Posted: Mar 13, 2010 5:12:51 AM Ignore granitestater Report Abuse They are going where there is no radical group throwing bombs or protesting the oil industry.
BazooQC Champion Author Montreal Posts:4,771 Points:680,380 Joined:Oct 2008	Message Posted: Mar 13, 2010 5:09:41 AM Ignore BazooQC Report Abuse Good development if this type of energy source lasts on the market. Windfarms are taking over electricity for home use I think.
Beboper Champion Author Virginia Posts:3,777 Points:1,187,385 Joined:Oct 2005	Message Posted: Mar 13, 2010 5:05:29 AM Ignore Beboper Report Abuse price is what I want to see when this take place
Hunter724 Champion Author New Hampshire Posts:3,220 Points:672,170 Joined:Sep 2008	Message Posted: Mar 13, 2010 5:00:34 AM Ignore Hunter724 Report Abuse At least it is positive news........
Duallyman Veteran Author Columbus Posts:461 Points:120,020 Joined:Oct 2009	Message Posted: Mar 13, 2010 5:00:13 AM Ignore Duallyman Report Abuse ride a motorcycle.
minnesotagirl Champion Author Milwaukee Posts:1,177 Points:288,865 Joined:Oct 2009	Message Posted: Mar 13, 2010 5:00:04 AM Ignore minnesotagirl Report Abuse Good news, but will the Papua New Guineans benefit?
fightbigoil71 Champion Author Milwaukee Posts:2,790 Points:595,860 Joined:Nov 2008	Message Posted: Mar 13, 2010 4:52:33 AM Ignore fightbigoil71 Report Abuse I like the idea of natural gas, but how about average U.S. citizens benefiting?
Paw5X Champion Author Gary Posts:5,724 Points:1,544,620 Joined:May 2005	Message Posted: Mar 13, 2010 4:44:49 AM Ignore Paw5X Report Abuse We still need more options for fuel!!
EXTREMESNOW Champion Author Medford Posts:4,532 Points:953,735 Joined:Jul 2006	Message Posted: Mar 13, 2010 4:42:03 AM Ignore EXTREMESNOW Report Abuse Well, it is not a bad thing!
katmandue Champion Author Detroit Posts:3,165 Points:1,174,680 Joined:Jul 2006	Message Posted: Mar 13, 2010 4:38:37 AM Ignore katmandue Report Abuse still a fossil fuel
bobdec Champion Author Florida Posts:4,289 Points:840,600 Joined:May 2008	Message Posted: Mar 13, 2010 4:28:54 AM Ignore bobdec Report Abuse This should be good
fratt Champion Author Grand Rapids Posts:4,954 Points:1,672,180 Joined:Jul 2005	Message Posted: Mar 13, 2010 4:27:39 AM Ignore fratt Report Abuse Start drilling NOW Exxon!
stpetebp Champion Author Tampa Posts:2,942 Points:845,865 Joined:Nov 2007	Message Posted: Mar 13, 2010 4:24:15 AM Ignore stpetebp Report Abuse Good for Exxon.
HawaiianGuy Champion Author Idaho Posts:4,611 Points:2,114,395 Joined:May 2003	Message Posted: Mar 13, 2010 4:09:04 AM Ignore HawaiianGuy Report Abuse How are the people of New Guinea going to share in this wealth, or are they even a concern? Sounds great for the shareholders at least.
ED6 Champion Author Riverside Posts:5,149 Points:1,000,710 Joined:Jul 2007	Message Posted: Mar 13, 2010 4:04:48 AM Ignore ED6 Report Abuse Go Exxon.
twobroke61 Champion Author Michigan Posts:3,458 Points:623,735 Joined:Sep 2008	Message Posted: Mar 13, 2010 4:02:09 AM Ignore twobroke61 Report Abuse always another country we have natural gas here in the U.S. and people who need jobs too no wonder this country is in the shape it is in no one wants too stay in the U.S. but want us too pay for it
harleydoctor Champion Author Kansas Posts:2,495 Points:966,930 Joined:Sep 2005	Message Posted: Mar 13, 2010 3:55:53 AM Ignore harleydoctor Report Abuse At least the money won't be going to the Saudi's.......