Oil Search’s Limited
(ASX:OSH) co-venturer in a Papua New Guinea liquefied natural gas project, Exxon Mobil, has completed financing arrangements.
The energy group says Exxon subsidiary Esso Highlands Ltd has raised $US1.5 billion of project financing, taking the total project financing facility to $US15.5 billion.
The funds were sourced from co-venturer and commercial bank lenders and will be used to finance the debt component of the project cost increase, which was announced in November last year.
Oil Search says the estimated cost of the project remains unchanged at $US19 billion and the project remains on track to deliver LNG in the second half of 2014.
Oil Search delivered a net profit of $122.3 million in the first half of fiscal 2013.
