Esso Highlands Approves EPC Contracts for $15 Billion Papua New Guinea LNG Project

PERTH, AUSTRALIA--December 18, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--Esso Highlands Limited (Port Moresby, Papua New Guinea), a subsidiary of Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas), recently announced that it has approved engineering, procurement and construction (EPC) contracts for the Papua New Guinea liquefied natural gas (PNG LNG) project. These approvals are subject to final project authorizations, including completion of sales and purchase agreements with LNG buyers and project financing agreements with lenders. These authorizations are expected to be concluded by early 2010. Esso Highlands is the operator of the project.