Exxon Mobil Corp. (XOM), the world's largest listed oil company, said Monday that the cost of building a massive natural gas-export project in Papua New Guinea has blown out to US$19 billion from a previous estimate of US$15.7 billion.

Foreign exchange fluctuations accounted for US$1.4 billion of the increase, while delays from work stoppages and land access issues added a further US$1.2 billion, Exxon Mobil said.

Another US$700 million was pinned on adverse logistics and weather conditions including rainfall that exceeded historical norms. The capacity of the liquefied natural gas, or LNG, plant has been increased to 6.9 million metric tons per year from 6.6 million tons, Exxon said.

It is the second cost blowout announced by the joint venture, which also includes Australia 's Oil Search Ltd. (OSH.AU) and Santos Ltd. (STO.AU) as major shareholders. Last year, it increased the cost estimate to US$15.7 billion from US$15.0 billion due to foreign exchange movements.

"The project team was able to overcome significant delays and still maintain overall schedule through re-sequencing work under unique and very challenging circumstances," PNG LNG project executive Decie Autin said in a statement.

First LNG cargoes are still expected to be shipped to Asian customers in 2014, Exxon said.

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