By JAMES PATON
ExxonMobil, operator of a $19 billion liquefied natural gas
(LNG) project in Papua New Guinea, said the development is
producing at full capacity after starting ahead of schedule
earlier this year.
The milestone follows an increase in output in the last few
months, Exxons PNG unit said Monday in an e-mailed
response to questions.
The plant was expected to be operating at full capacity by
the end of 2014, according to a report last week from
Having reached full capacity within three months of
startup is exceptionally good performance by comparison with
most international LNG project
s, said Neil
Beveridge, a Hong Kong-based oil and gas analyst at Sanford
in the Pacific nation with
partners including Oil Search and Santos is targeting an
increase in Asian demand for natural gas. The companies are
considering an expansion
of the development after
shipments began from the initial phase in May.
The first stage has a capacity of 6.9 million tpy of LNG. The
development has long-term contracts with Tokyo Electric Power
Co., CPC Corp. of Taiwan, Osaka Gas Co. and China Petroleum
& Chemical Corp.
is set to start loading
its 15th LNG cargo, Exxon said.
Beveridge said he expects Oil Searchs production for
the year to be toward the high end of the companys
forecast of 17 million to 20 million bbl of oil equivalent.