ExxonMobil’s subsidiary Esso PNG P’nyang and its partners have signed an agreement with the Papua New Guinea government for the development of the P’nyang LNG project.

The signing of the deal supports the project scoping and evaluation, as well as the framework for the future development of the project.

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The P’nyang project will deliver the liquefied natural gas (LNG) through new upstream facilities, which will be built in the Western Province, connected to the existing infrastructure.

Production will begin following the receipt of the final investment decision by the co-venturers of the P’nyang project.

ExxonMobil Upstream Oil and Gas president Liam Mallon said: “On behalf of ExxonMobil, and the other co-venturers, I thank the PNG national government, along with the government of Western Province, for their partnership in moving the P’nyang project forward.

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“The P’nyang project gas agreement marks a significant milestone and underscores the intent of all stakeholders, to set a clear framework toward the P’nyang project’s future development.”

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Approximately 5% of the gas produced from the P’nyang project will be made available for use in the Western Province, or other locations, to support the electrification efforts of the government.

Located within Petroleum Retention License three, the P’nyang field is expected to have 4.36 trillion cubic feet of gas.

Esso PNG P’nyang operates the P’nyang field, together with Ampolex, and holds a 49% stake in the project.

The other partners, Santos and JX Nippon, hold 38.5% and 12.5% interests, respectively.

Last month, ExxonMobil announced that it has committed to reaching net-zero greenhouse gas emissions at its oil and gas operations by 2050.