Tokyo: US energy firm ExxonMobil Corp has finalised a gas sales contract with Japan's Tokyo Electric Power for its project in Papua New Guinea, putting the $15 billion development on track for approval on Tuesday.
TEPCO, Japan's largest utility, has entered a binding agreement with project partners for the purchase of 1.8 million tonnes per year (mtpy) of liquefied natural gas (LNG) for a period of 20 years, Exxon said in a statement.
The contracted volume includes the plant's recently expanded output of 0.3 mtpy, which means all of the project's 6.6 mtpy capacity has now been contracted, project partner Oil Search said in a separate statement.
Exxon and partners have not yet finalised two other gas sale agreements with Taiwan's CPC Corp and Japan's Osaka Gas ahead of a self-imposed deadline of Dec. 8 for the project's final investment decision. [08/12/09]
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