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Osaka Gas in agreement to purchase LNG from Papua New Guinea

December 22, 2009
Osaka Gas Co., Ltd.

Osaka Gas and Papua New Guinea LNG Global Company LDC entered into an agreement today for a supply of LNG from Papua New Guinea.

Under the terms of the sale and purchase agreement, Osaka Gas will receive LNG supplies of approximately 1.5 million tons per annum from Papua New Guinea for a 20-year term upon the start-up of the LNG project scheduled towards late 2013/2014.  Papua New Guinea will become the 8th LNG supplying country for Osaka Gas on long-term basis.

The PNG-LNG project will export LNG from its liquefaction plant to be built near Port Moresby, the capital of the country, to four Asian buyers.  The plant will have the annual production capacity of 6.6 million tons.

With the full support of Papua New Guinea government, the Co-venture partners and the commitment of Exxon Mobil, the largest publicly traded international oil and gas company, as the largest equity holder and the operator, Osaka Gas believes that the project will contribute to reliable and diversified LNG supply over the long term.

Osaka Gas, as an energy company with global business perspectives, intends to continue its work to further its activities along the value chain of natural gas.

Notes

(*)Partners (equity holders) of the project and their equity holding:
Exxon Mobil (operator): 33.2%
Oil Search: 29.0%
IPBC: 16.6%
Santos: 13.5%
Japan Papua New Guinea LNG: 4.7%
MRDC: 2.8%
Petromin: 0.2%

Osaka Gas is one of major energy suppliers in Japan headquartered in Osaka with the customer base of 6.9 million mainly in the Japan's Kansai region.  In addition to gas distribution and power generation business in Japan, the company is active in overseas energy markets both in upstream and downstream sectors having its assets in Australia, Oman, Indonesia, U.S., Spain and Norway.  During the past year, the company purchased a total of 7.41 million tons of LNG.

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