CLP (PK) (USOTC:CLPHY)
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From Jul 2019 to Jul 2024

Exxon Mobil Corp. (XOM) is working with Castle Peak Power Co., or Capco, to secure natural gas supply from the West-to-East pipeline for Hong Kong, an executive from the U.S. major said Tuesday.

The project is "running fine" and the Exxon and Capco are "looking to buy through PetroChina and CNOOC," Wayne Harms, Vice President, East Region, Exxon Mobil Upstream Ventures, said on the sidelines of the Asia Oil and Gas Conference.

He added that agreements will be reached to meet a 2013-2014 target for a proposed terminal.

Harms said Exxon and Capco are not looking to source gas from within Exxon Mobil.

Hong Kong utility CLP Holdings Ltd. (0002.HK) terminated discussions with BG Group PLC (BG.LN) for liquefied natural gas supply following a preliminary deal signed in mid-2008.

BG signed a MoU in June with CLP to supply 1 million metric tons of LNG to a proposed Hong Kong terminal for up to 20 years, but CLP scrapped the terminal plan three months later due to local objections and eventually decided to invest in China instead.

CLP will jointly develop an LNG import terminal in Dachan Bay in Shenzhen with state-owned PetroChina Co. (PTR) and city gas company Shenzhen Gas.

Capco is a partnership between ExxonMobil Energy Ltd. (60%) and CLP (40%).

-By Florence Tan, Dow Jones Newswires; 65-6415-4067; florence.tan@dowjones.com