ExxonMobil PNG has awarded MISC Group a long-term bareboat charter plus operations and maintenance contracts for a new floating storage and offloading unit to serve the PNG LNG Project in Papua New Guinea.
The deal includes a firm 15-year charter, with extension options of up to an additional 15 years. The unit is due to begin operations in the first half of 2028 at the Kumul Marine Terminal, as part of the Kutubu Pipeline System.
Designed for a 30-year operational lifespan, the FSO will provide a minimum storage capacity of 800,000 bbl. It will support the terminal’s storage and offloading of liquid hydrocarbons, including crude oil and condensate produced from various fields in Papua New Guinea, while associated gas is directed to the PNG LNG Project.
The project is an LNG facility with a production capacity of more than 8.3 million tonnes per year. ExxonMobil PNG operates it in partnership with Santos, ENEOS Xplora, Kumul Petroleum Holdings, and Mineral Resources Development Co.
The vessel will be Papua New Guinea’s first offshore floating facility and is specified to handle condensate for prospective future projects. MISC Group will allocate construction to Malaysia Marine and Heavy Engineering Holdings and will then operate the unit at the terminal under the long-term charter arrangement.
