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Exxon Mobil PNG LNG To Resume Production Ahead Of Schedule
Apr 22, 2018

Xinao Ecological Holdings Co., Ltd. announced on April 14 that the Papua New Guinea LNG project (hereinafter referred to as “PNGLNG Project”) has been safely resumed production, and LNG exports will also resume in the near future.

It is understood that the PNGLNG project began construction in 2010 and was completed and put into use in 2014. The total investment is 19 billion U.S. dollars (or 22.1 billion U.S. dollars if it includes late investments). It has two LNG production lines with an annual capacity of 8 million tons. The device was closed on February 26 this year due to a magnitude 7.5 earthquake. On April 13, Santos announced that the production line of the PNGLNG project has been safely resumed production. It is expected that as time goes on, natural gas production will increase and the second production line will restart. The liquefaction natural gas production restart time of the PNGLNG project was shorter than the eight-week forecast time of the previous period.

This project is the source of long-term gas supply for the Sinopec Qingdao Dongjiakou LNG Terminal. According to customs statistics, in 2017, Papua New Guinea exported a total of 2.129 million tons of liquefied natural gas to China. Qingdao Dongjiakou LNG Terminal imported 1.906 million tons of cargo, CNPC Jiangsu Rudong LNG Terminal, CNOOC Fujian Putian, Hainan Yangpu and Tianjin LNG Terminals imported a small amount of approximately 223,000 tons of spot resources.

According to Jin Lianchuang's transport schedule, the 172,000 cubic-meter LNG carrier, Kumul (Chinese translation: Bird of Paradise), left the port of Moldsby, Papua New Guinea’s capital, on April 16 and loaded 80,000 tons of PNG. The project produced LNG again.

According to public information, the PNG LNG project will produce 8.2 million tons of liquefied natural gas in 2017 and 20% of the electricity supply to Port Moresby. This is a comprehensive development project for natural gas production and processing. It was built and operated by ExxonMobil in the United States. The six companies including Exxon Mobil, PNG OilSearch, PNG Kumul Petroleum Holdings, Santos Australia, JXNippon Oil & Gas, and Baxin Mining Resources Development Co., Ltd. jointly invested. Shares accounted for 33.2%, 29.0%, 16.8%, 13.5%, 4.7% and 2.8% respectively. According to the project production and sales contract, the main long-term customers of the project are Sinopec, Japan's Osaka Gas Corporation, Tokyo Electric Power Corporation and China National Petroleum Corporation. The annual agreement procurement volume was 2 million tons, 1.8 million tons, 1.5 million tons and 1.2 million tons respectively.