- Exxon Mobil (NYSE:XOM) will shut its PNG LNG plant for at least seven days for inspection of any damage after an earthquake struck Papua New Guinea, Reuters reports.
- The facility is known within the industry for its reliability, producing more than its nameplate annual capacity of 6.9M metric tons during the past two years; before the shutdown, it had been expected to ship as much as 8.5M tons this year, Oil Search Ltd. (OTCPK:OISHF), XOM's partner in the facility, said last week.
- The shutdown of the export facilities follows yesterday’s closure of a gas processing plant and well pads at the Hides field, near where the quake struck; administrative buildings, living quarters and a mess hall were damaged, as well as roads, a nearby airfield and other infrastructure.
- Separately, Barrick Gold (NYSE:ABX) says it suspended some production activities at its Porgera gold mine in Papua New Guinea to save power following the earthquake.
- Now read: Exxon Mobil: Undervalued Dividend Aristocrat With Catalysts For Growth
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