ExxonMobil PNG Signs 15-Year FSO Charter for 800,000-Barrel Unit
ExxonMobil PNG signed a 15-year bareboat charter and operations agreement with MISC Group for Papua New Guinea’s first floating storage and offloading unit. The FSO, with 800,000-barrel capacity, will deploy in the first half of 2028 at the Kumul Marine Terminal to support the Kutubu Pipeline System.
1. Contract Details
ExxonMobil PNG entered into a long-term bareboat charter and operations and maintenance agreement with MISC Group for Papua New Guinea’s first floating storage and offloading vessel, marking MISC’s entry into the country and reinforcing ExxonMobil PNG’s project infrastructure.
2. Deployment Timeline and Capacity
The charter spans 15 years with an option to extend for another 15, and covers a unit with at least 800,000 barrels of storage, set to arrive at the Kumul Marine Terminal in the first half of 2028 to handle crude oil and condensate from the Kutubu Pipeline System.
3. Strategic Impact for ExxonMobil
The FSO will offload liquid hydrocarbons and continue feeding associated gas into the PNG LNG project, which produces over 8.3 million tonnes of LNG annually, enhancing ExxonMobil’s offshore portfolio and securing extended revenue opportunities.