China
  • PNG LNG costs rise due to Aust dollar

    02-Dec-2011 Intellasia | Bigpond News | 7:01 AM Print This Post

    Santos and Oil Search will have to increase their spending on the Papua New Guinea liquified natural gas (LNG) project.

    Santos has a 13.5 per cent share in the project and Oil Search a 29 per cent stake.

    It is operated by energy giant ExxonMobil, which holds a 33.2 per cent stake.

    Exxon Mobil has upgraded its estimated capital cost for the project by about $700 million ($A682.66 million) to $15.7 billion, due to the stronger Australian dollar.

    Santos said that will increase its cost by $100 million.

    Oil Search said its remaining costs were approximately $750 million, which are fully covered by its current cash position of over $1 billion.

    PNG LNG remains on schedule for first production in 2014.

    http://bigpondnews.com/articles/Finance/2011/12/01/PNG_LNG_costs_rise_due_to_Aust_dollar_691572.html

     


    Category: ResourceAsia

    Print This Post

    Comments are closed.