Wood Wins $200 Million ExxonMobil PNG LNG Contract

M&A · PartnershipCommodity
โดย Oilprice Intelligence·PG·Read original
Summary · why it matters

Wood has secured a five-year, $200 million construction services contract from ExxonMobil PNG to support brownfield projects across the PNG LNG project in Papua New Guinea. The contract covers construction work at the Hides Gas Conditioning Plant, the LNG facility at Caution Bay, approximately 700 kilometers of pipeline infrastructure, and associated well pads and flowlines. More than 200 Wood employees in Papua New Guinea will work on the contract, providing project management, civil and structural construction, piping, mechanical, electrical and instrumentation services. Wood has worked with ExxonMobil PNG since 2013, and Wood COO Steve Nicol said the latest work will help maintain and enhance critical project infrastructure. PNG LNG, the country's largest-ever private-sector investment, is a $19-billion integrated development that began operations in 2014 and can produce more than 8 million tonnes of LNG annually, primarily for Asian customers. The award comes as TotalEnergies agreed earlier this month to transfer operatorship of the proposed roughly $14-billion Papua LNG project to ExxonMobil, a development designed to produce around 5.6 million tonnes per year and seeking synergies with existing PNG LNG infrastructure.

Impact on stocks 2

Energy Transition & Power Demand · 1 stocks
Exxon Mobil Corp
XOM
▲ PositiveDemandrelevance

ExxonMobil PNG awarded Wood a $200M construction services contract for brownfield work across the PNG LNG project.

Energy · 1 stocks
TotalEnergies SE
TTE
± MixedCapitalrelevance

TotalEnergies agreed to transfer operatorship of the proposed Papua LNG project to ExxonMobil, a portfolio/M&A move mentioned as context.

Theme Impact 1

Off-coverage companies 1

Wood Group USAPrivate▲ Positive
Demandrelevance

Wood secured a five-year, $200 million construction services contract from ExxonMobil PNG for the PNG LNG project.

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