PNG LNG on track

The operator of the massive PNG LNG project, Esso Highlands, has confirmed that the liquefied natural gas project is more than 90% complete, on budget, and on schedule to deliver the first gas in the second half of 2014.

Esso Highlands is a subsidiary of Exxon Mobil (NYSE: XOM), and will operate the $19 billion project on behalf of joint venture partners Oil Search (ASX: OSH), NPCP, Santos (ASX: STO), JX Nippon, PNG government- owned Mineral Resources Development Company, and Petromin PNG holdings.

The project is the largest commercial development ever attempted in PNG and employed 19,000 people during the recently completed build phase. The next phase, commissioning, involves powering the LNG plant from a nearby processing facility to allow for testing of the new facilities to start.

Once online, the project will more than double the revenue of Oil Search, and will contribute significantly to the revenue of the other joint venture partners.

Editor’s Note: A previous version of this story incorrectly stated Mineral Resources (ASX: MIN) has a stake in the joint venture. This has been corrected.

Interested in our favourite dividend stock? Discover The Motley Fool’s favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of “The Motley Fool’s Top Dividend Stock for 2013-2014.”

More reading

Motley Fool contributor Andrew Mudie does not own shares in any of the companies mentioned in this article.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.