The ExxonMobil Corporation has a 41.5 per cent stake in the PNG LNG project, and is partnered by Oil Search Ltd, Santos and AGL Energy Ltd.
The project is the largest private investment in PNG, and has an estimated benefit of over $30 billion to the local economy over its 30-year lifespan.
ExxonMobil's LNG venture manager Peter Graham told a Papua New Guinea Mining and Petroleum Investment Conference on Monday funding for the project had become more difficult.
"At a time when we are seeking to borrow more than $10 million on the international money market, it would certainly be foolish for me to stand here and say to you the project is and remains completely immune from the fallout of the recent financial crisis," he told the conference.
"That cannot be the case."
However ExxonMobil is one of only a few industrial companies to maintain a triple-A credit rating, and negotiations are continuing with lending agencies, he said.
About 70 lenders would visit the proposed LNG facility sites in January next year, he said.
"Things are moving very, very quickly on the project," Graham said.
"We continue to look for ways to protect this project from the global financial uncertainties, and I emphasise we're still targeting fourth quarter of 2009 for that all important financial investment decision."
The PNG LNG project is currently in its front-end engineering and design (FEED) phase and remains on track to deliver its first LNG cargo in late 2013 or early 2014.
"With the project currently progressing well in FEED, we're moving forward right on schedule," Graham said.
He reiterated that AGL's sale of its 3.6 per cent stake in the project is expected to be completed by December 31.
