Exxon Secures $1.5B For $19B Papua New Guinea LNG Project

Law360, New York (October 4, 2013, 11:31 AM EDT) -- An Exxon Mobil Corp. subsidiary has secured an additional $1.5 billion in financing for its $19 billion Papua New Guinea liquefied natural gas project from a group of commercial bank and co-venture lenders, Exxon's local partner in the project said Friday.

Oil Search Ltd., which holds a 29 percent interest in the PNG LNG joint venture, said Exxon subsidiary Esso Highlands Ltd. informed the project group that the supplemental financing has closed. The funds will be used to finance the debt component of recent cost overruns...
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