Exxon Mobil to tap 4.36 trillion cubic feet of LNG field in Papua New Guinea

RIYADH: American multinational oil and gas corporation Exxon Mobil Corp. has signed a fiscal deal with Papua New Guinea regarding a multi-billion dollar liquefied natural gas project.

The project is expected to tap a field comprising an estimated 4.36 trillion cubic feet of liquified natural gas.

“The deal provides the fiscal framework for the project and supports project scoping and evaluation,” Bloomberg reported, citing Exxon Mobil.

A final investment decision by the oil major on the project is yet to be disclosed.

The field had stalled since 2019 when Prime Minister James Marape came to power, vowing to grasp a better deal for the country.