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PNG exports over 160 LNGs

MORE than 160 liquefied natural gas cargoes have been shipped out of the country so far, according to ExxonMobil PNG Limited.
 A company spokesperson told The National via email that shipments to customers in the region were continuing.  
“EMPNG has shipped over 160 cargos to date,” the spokesperson said. “We are continuing to meet our commitments for the supply of LNG to our long-term customers in the Asia-Pacific region.”
The project sent its first shipment in May 2014. Each shipment of the LNG costs between US$50million (K148.96million) and US$60million (K178.75million).
Despite the challenges in the global oil prices, ExxonMobil believes that operations will continue to be successful.
“ExxonMobil believes prices over the long-term will continue to be driven by market supply and demand, with the demand side largely being a function of global economic growth,” the spokesperson said.
“Crude oil and natural gas markets have a history of significant price volatility.
“To manage price-related risks, ExxonMobil evaluates annual plans and all investments across a wide range of price scenarios.
“The company’s assessment is that operations will continue to be successful in a variety of market conditions as a result of its approach to disciplined investing, expense management and asset enhancement programmes.”
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