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(Image courtesy of PNG LNG)

ExxonMobil has announced they have secured an additional $1.5 billion in debt financing for their massive $19 billion Papua New Guinea LNG project, or PNG LNG as it’s referred to.

The $1.5 billion in added financing will help cover overages at the 6.9 million ton/year LNG plant, where development costs rose from $15.7 billion to $19 billion at the end of last year.

PNG LNG remains on schedule to deliver the first LNG cargoes sometime in 2014.

PNG LNG is led and operated by ExxonMobil subsidiary Esso Highlands Ltd, and partners include Oil Search, National Petroleum Company Papua New Guinea (NPCP), Santos, JX Nippon Oil & Gas Exploration, Papua New Guinea’s Mineral Resources Development Company, and Petromin PNG Holdings Limited.

The PNG LNG project is Papua New Guinea’s biggest-ever resources development, and could lift GDP by as much as 20% .

ExxonMobil is currently the most profitable oil company in the world, with $44.88 billion in profits for 2012.