PNG LNG delivers 100th cargo

PORT MORESBY, Papua New Guinea, June 15 (UPI) -- A liquefied natural gas project in Papua New Guinea, led Exxon Mobil, marked a milestone with its 100th delivery during the weekend, the consortium said.

The PNG LNG consortium said the vessel Methane Spirit is on its way to deliver gas to Japan for Tokyo Electric Power Co., the same company that received the first-ever shipment in May 2014.

The Japanese economy has taken on more LNG in response to the shortage of power brought on by the 2011 meltdown at the Fukushima Daiichi nuclear power plant, operated by TEPCO. Japan's economy is expected to grow by 1 percent this year, while peer economies China and India are standing still

Japan's Cabinet Office reported real gross domestic product grew by 2.4 percent from January through March, an improvement over the revised 1.1 percent reported from October through December.

Japan, the world's third largest economy, announced in February it exited two quarters of consecutive recession. Gross domestic product during fourth quarter grew by 2.2 percent, but the pace was subdued by a decrease in consumer spending.

Construction at the LNG facility in Papua New Guinea began in 2010. The facility is expected to produce more than 9 trillion cubic feet of natural gas over its 30-year lifespan.

More than 7 million tons of LNG have been shipped from the facility since it opened last year.