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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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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.......
dualtech Veteran Author Massachusetts Posts:491 Points:108,380 Joined:Feb 2006	Message Posted: Mar 13, 2010 3:46:51 AM Ignore dualtech Report Abuse I see Exxon looks to the future with natural gas.
moody4u Champion Author Cincinnati Posts:2,989 Points:577,075 Joined:Oct 2008	Message Posted: Mar 13, 2010 3:43:15 AM Ignore moody4u Report Abuse Drill baby drill!
computernut2008 Champion Author Ohio Posts:1,671 Points:402,415 Joined:Oct 2008	Message Posted: Mar 13, 2010 3:42:32 AM Ignore computernut2008 Report Abuse We should thing of us only..Other countries hate us but have always wanted our money..Let's cut them off
Mikmiln Sophomore Author New Jersey Posts:161 Points:105,250 Joined:Nov 2008	Message Posted: Mar 13, 2010 3:14:05 AM Ignore Mikmiln Report Abuse Screw other countries. We need refineries built right here in the USA. This way we can keep up with our demand for fuel. Than have crude oil to be turned into gas right here in the states.
ItisAJeepThing Champion Author Tucson Posts:11,645 Points:1,176,130 Joined:Oct 2006	Message Posted: Mar 13, 2010 3:11:33 AM Ignore ItisAJeepThing Report Abuse Good for the earth since natural gas is cleaner than coal or oil. Global warming or not, we need clean air and more sources of energy.
ashishpa All-Star Author St. Louis Posts:744 Points:168,775 Joined:Feb 2010	Message Posted: Mar 13, 2010 3:11:20 AM Ignore ashishpa Report Abuse Seems good for Exxon.
gass12 Champion Author Omaha Posts:3,631 Points:1,343,515 Joined:Oct 2005	Message Posted: Mar 13, 2010 3:03:08 AM Ignore gass12 Report Abuse It will be big there.
BM4225 Champion Author Atlanta Posts:5,484 Points:1,179,120 Joined:Aug 2006	Message Posted: Mar 13, 2010 2:51:14 AM Ignore BM4225 Report Abuse Ok, make it there, sell it there, and bring the money home.
14of45SSR Champion Author Saskatchewan Posts:2,117 Points:475,255 Joined:Dec 2008	Message Posted: Mar 13, 2010 2:46:08 AM Ignore 14of45SSR Report Abuse hmmm...
findcheap Champion Author Los Angeles Posts:4,673 Points:1,035,640 Joined:Apr 2007	Message Posted: Mar 13, 2010 2:35:59 AM Ignore findcheap Report Abuse whoopee!
Fitwit Champion Author Stockton Posts:2,083 Points:454,670 Joined:May 2009	Message Posted: Mar 13, 2010 2:23:36 AM Ignore Fitwit Report Abuse Not many years ago, my friends daughter wanted to go there, Papua New Guinea as a missionary.
jadeusa Champion Author Dallas Posts:4,291 Points:876,385 Joined:Sep 2005	Message Posted: Mar 13, 2010 2:21:36 AM Ignore jadeusa Report Abuse There is growing demand in Asia for energy, so it fits the big picture model.
Edtx2009 Champion Author Houston Posts:1,301 Points:267,665 Joined:Jun 2009	Message Posted: Mar 13, 2010 2:18:45 AM Ignore Edtx2009 Report Abuse 2014 is a ways off. how will this help gasoline problems?
MiniFan Champion Author California Posts:1,833 Points:590,100 Joined:Nov 2008	Message Posted: Mar 13, 2010 2:15:13 AM Ignore MiniFan Report Abuse how about gas?
GryphonX Champion Author Nevada Posts:2,882 Points:732,430 Joined:Nov 2007	Message Posted: Mar 13, 2010 2:10:32 AM Ignore GryphonX Report Abuse Cool ...
danny999 Champion Author Florida Posts:3,706 Points:663,835 Joined:Oct 2008	Message Posted: Mar 13, 2010 1:43:15 AM Ignore danny999 Report Abuse CITIZENS HAVE GOT TO SPEAK UP ABOUT TAXES.SOME OF THEM ARE ROBBERY,AND BHO WANTS TO MAKE THEM WORSE.
humblepie Champion Author Toledo Posts:8,001 Points:1,398,940 Joined:Mar 2006	Message Posted: Mar 13, 2010 1:34:39 AM Ignore humblepie Report Abuse very strange exxon makes about 4% and everyone screams, and yet taxes on fuel are over 20% and few complain, human nature i guess
HA4CNN All-Star Author Toronto Posts:996 Points:597,315 Joined:Dec 2006	Message Posted: Mar 13, 2010 1:26:07 AM Ignore HA4CNN Report Abuse Natural gas and coal are the most abundant fuels on earth so why not use them until alternatives come on stream.Lets use them more efficiently through co generation.
Mooseman1 Champion Author Manitoba Posts:5,561 Points:935,620 Joined:Jul 2007	Message Posted: Mar 13, 2010 1:21:19 AM Ignore Mooseman1 Report Abuse More natural gas the better. Our homes need it.
GMVAN Champion Author Calgary Posts:1,835 Points:430,005 Joined:Apr 2009	Message Posted: Mar 13, 2010 1:18:15 AM Ignore GMVAN Report Abuse I guess their making sure they have backup program.
Jeff4U Champion Author Atlanta Posts:3,299 Points:884,050 Joined:Nov 2004	Message Posted: Mar 13, 2010 1:08:00 AM Ignore Jeff4U Report Abuse RENEGADEGAS, at least most of the ones quitting are Democrats. Both parties have plenty of bad apples, but nothing can be as bad as what we have in office right now! ... later dude...
RENEGADEGAS Champion Author Missouri Posts:7,683 Points:620,155 Joined:Jul 2008	Message Posted: Mar 13, 2010 1:04:30 AM Ignore RENEGADEGAS Report Abuse Jeff4U....I hope your right on the upcoming elections! I know it will be that way on my ballot. Course at this point, if they all keep quitting and getting caught in scandals, there wont be many to re-elect anyways! ha!!
benjy Champion Author Chicago Posts:4,837 Points:895,825 Joined:Nov 2003	Message Posted: Mar 13, 2010 12:59:52 AM Ignore benjy Report Abuse And this is going to be good for us???
comprof Champion Author Houston Posts:1,794 Points:392,275 Joined:Jul 2009	Message Posted: Mar 13, 2010 12:57:40 AM Ignore comprof Report Abuse la90042: I agree again.
Jeff4U Champion Author Atlanta Posts:3,299 Points:884,050 Joined:Nov 2004	Message Posted: Mar 13, 2010 12:57:16 AM Ignore Jeff4U Report Abuse Just think ... now speculators can screw up prices on oil AND natural gas. Maybe, just maybe, new elected politicians next NOV will do something about it.
la90042 Champion Author Los Angeles Posts:2,402 Points:505,405 Joined:Nov 2008	Message Posted: Mar 13, 2010 12:57:00 AM Ignore la90042 Report Abuse why not more domestic investment - I though we had lots of reserves
RENEGADEGAS Champion Author Missouri Posts:7,683 Points:620,155 Joined:Jul 2008	Message Posted: Mar 13, 2010 12:53:55 AM Ignore RENEGADEGAS Report Abuse jdhelm...your right.
EcoVore Champion Author Los Angeles Posts:2,124 Points:331,145 Joined:Jun 2008	Message Posted: Mar 13, 2010 12:46:07 AM Ignore EcoVore Report Abuse Asian countries getting their gas needs met from Exxon.
ssect8 Champion Author Hartford Posts:3,107 Points:1,224,300 Joined:Jun 2006	Message Posted: Mar 13, 2010 12:44:21 AM Ignore ssect8 Report Abuse I wish them good luck in heir dealing with Exxon, they are going to need it.
Ltdc Champion Author Long Island Posts:2,392 Points:725,770 Joined:Jul 2007	Message Posted: Mar 13, 2010 12:39:23 AM Ignore Ltdc Report Abuse Why do I have a feeling that the good people of Papua New Guinea are not going to get a fair shake from Exxon.
10k Champion Author North Carolina Posts:12,968 Points:1,281,225 Joined:May 2006	Message Posted: Mar 13, 2010 12:35:11 AM Ignore 10k Report Abuse don't know 'bout y'all, but i don't trust big oil, and exxon mobil is big oil..
DosEquis26 Champion Author Chicago Posts:1,952 Points:1,094,010 Joined:Jun 2006	Message Posted: Mar 13, 2010 12:35:09 AM Ignore DosEquis26 Report Abuse everything worth having is worth paying for.
grouch311 Champion Author Illinois Posts:4,044 Points:671,305 Joined:Jun 2007	Message Posted: Mar 13, 2010 12:33:01 AM Ignore grouch311 Report Abuse Buddy2264: you know we're going to pay for improvements to the grid
Buddy2264 Champion Author Tampa Posts:6,626 Points:1,384,990 Joined:Oct 2005	Message Posted: Mar 13, 2010 12:23:26 AM Ignore Buddy2264 Report Abuse I think natural gas is the way to go for electricity. We need to find a way to use the left over steam or generated energy. This would take us away from coal. However there should be not cost to the end user for the change. We also need to improve the grid to a smart grid and eliminate the line loss. Conservation keeps your money in your pocket.
nstrdnvstr Champion Author Twin Cities Posts:29,534 Points:3,017,910 Joined:May 2001	Message Posted: Mar 13, 2010 12:15:58 AM Ignore nstrdnvstr Report Abuse jdhelm, What was the profit margin for Exxon that year?
RENEGADEGAS Champion Author Missouri Posts:7,683 Points:620,155 Joined:Jul 2008	Message Posted: Mar 13, 2010 12:13:11 AM Ignore RENEGADEGAS Report Abuse Rather see them in the Dakotas, Alaska and off shore drilling for oil. As long as they are creating jobs, they are at least doing more than the hussien regime is for America.
jdhelm Champion Author Iowa Posts:1,419 Points:225,240 Joined:Dec 2009	Message Posted: Mar 13, 2010 12:12:17 AM Ignore jdhelm Report Abuse I don't know how much Exxon made for 2009, but for 2008, it was: Exxon Mobil reported the largest annual profit in U.S. history Friday, making $45.22 billion on the back of record oil prices.
MDTDriver Champion Author California Posts:4,982 Points:1,193,540 Joined:Jul 2006	Message Posted: Mar 13, 2010 12:09:54 AM Ignore MDTDriver Report Abuse They are just smarter than we think, gas goes out and they have another fuel to push to the billion profit.
BobD2009 Champion Author Long Island Posts:1,927 Points:267,585 Joined:Apr 2009	Message Posted: Mar 13, 2010 12:08:00 AM Ignore BobD2009 Report Abuse Exxon knows how to make money.
raleightom All-Star Author Raleigh Posts:765 Points:215,710 Joined:Nov 2007	Message Posted: Mar 13, 2010 12:03:46 AM Ignore raleightom Report Abuse remember that next time you drive by an Exxon and look at their prices and again when you pay your utility bill for heat. at least we have gas and oil . . . lots of people over there have no clue what to even use it for much less what it is those high prices we are paying are actually going to be spent on something other than lining the pockets of the top Exxon executives . . . .
250FORD Champion Author Minnesota Posts:7,691 Points:1,238,160 Joined:Feb 2007	Message Posted: Mar 13, 2010 12:03:44 AM Ignore 250FORD Report Abuse this is more for control than gas production.
cheapertvs Champion Author Richmond Posts:5,200 Points:1,768,220 Joined:Jan 2004	Message Posted: Mar 12, 2010 11:59:34 PM Ignore cheapertvs Report Abuse LNG is good for excess supply situations. Exxon Mobil will be able to make easy gains in shuttling natural gas to where it is needed.
Prodaddy Champion Author Houston Posts:3,667 Points:947,160 Joined:May 2007	Message Posted: Mar 12, 2010 11:47:11 PM Ignore Prodaddy Report Abuse I guess they think it is worth it
Gary65 Champion Author Toronto Posts:1,498 Points:468,370 Joined:Jan 2009	Message Posted: Mar 12, 2010 11:42:10 PM Ignore Gary65 Report Abuse Papua New Guinea, they'll need lots of luck and bribery.
Blue_Cruzer Champion Author Lexington Posts:3,013 Points:774,360 Joined:Mar 2007	Message Posted: Mar 12, 2010 11:40:55 PM Ignore Blue_Cruzer Report Abuse I think a lot of this foreign development is due to less stringent environmental and governmental rules overseas.
Blue48 Champion Author Illinois Posts:2,655 Points:673,595 Joined:Feb 2007	Message Posted: Mar 12, 2010 11:38:50 PM Ignore Blue48 Report Abuse GOOD LUCK!
vulcan96 Champion Author Ohio Posts:17,949 Points:2,132,045 Joined:Aug 2004	Message Posted: Mar 12, 2010 11:35:27 PM Ignore vulcan96 Report Abuse the US could use more LNG !
joel27nc Champion Author Raleigh Posts:5,544 Points:890,720 Joined:Mar 2008	Message Posted: Mar 12, 2010 11:33:55 PM Ignore joel27nc Report Abuse I have some natural gas to sell, lol.
MidNJ Champion Author New Jersey Posts:1,657 Points:252,670 Joined:Sep 2009	Message Posted: Mar 12, 2010 11:31:36 PM Ignore MidNJ Report Abuse I agree this may all seem boring (yawn), but; On the day after the news broke that the Courts upheld “Under God We Trust” on our money - and the words, “Under God” is constitutional in the Pledge of Allegiance, as we enter the Holy Days of Saturday and Sunday, is there a way we can put aside our differences? It is my hope and prayer that we can all find common ground and move to a future that protects our children and their children.