ExxonMobil senses LNG opportunity
ExxonMobil's head of global LNG Peter Clarke has hailed PNG LNG in Papua New Guinea as a prime example of how an integrated upstream value chain can enable cleaner energy supplies and derive state revenues.
His comments, in a panel discussion at the World Gas Conference in Daegu, South Korea, came after Fitch Solutions said a new deal between PNG and ExxonMobil to derive additional LNG reserves from P'nyang gas field was "highly bullish" for the country, which is heavily dependent on revenues from hydrocarbon exports.
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PNG LNG is also successfully generating revenues for the Papua New Guinean state, having paid over PGK 14bn since first gas at the project in 2014.
Clarke also said the Area 4 LNG and Coral gas assets offshore Mozambique offered an "attractive development opportunity" that would be executed and operated "responsibly". In Qatar, ExxonMobil was playing a "transformative role" having solidified its presence since taking on Mobil's partnership at the colossal North Field gas reservoir in 1998.
Exxon is investing $15bn in projects to lower greenhouse gas emissions. Its transition strategy envisages a 100% increase in its LNG supply portfolio by 2030, with a large portion of the increase expected to come from the Golden Pass LNG partnership with Qatar Petroleum, a $50bn deal to develop a 16mn mt/yr liquefaction and export terminal near Sabine Pass, Texas.
The US major is seeking opportunities across the value chain, from building regasification terminals downstream to small-scale LNG units and supplying LNG fuels to gas-fired power stations. Other transition goals include carbon capture and storage and expanding value chains to include blue hydrogen.