He said the company would continue to invest in Papua New Guinea and had four new licenses that would leave it with a 35% equity position post farm-in.
"PNG LNG is a wonderful opportunity," he said. "It's a world-class project.
"Its ongoing success depends on the ongoing relationship between developers and the communities."
The PNG LNG Project is an integrated upstream natural gas and LNG development, operated by ExxonMobil.
The project has a common ownership structure across the value chain which includes upstream facilities, comprising 12 well pads at the Hides, Angore and Juha fields, production wells, gathering systems and processing plants at Hides and subsequently Juha in the PNG Highlands.
It also includes associated gas facilities at Kutubu, Moran and Gobe Main, a LNG liquefaction plant, storage and loading facilities located at State Portion 152, near Port Moresby and a gas pipeline from the main upstream processing plant in the PNG Highlands to the LNG plant near Port Moresby.
Discovered gas reserves committed to the project exceed 9 trillion cubic feet. About 80% of the gas supply will come from the Hides, Angore and Juha gas fields, with the main gas processing plant located at Hides.
The remainder of the gas supply will come from the Kutubu, Moran and Gobe Main producing oil fields, operated by Oil Search.
Total reserves will support a production plateau of 14-15 years based on proved reserves and more than 20 years based on proved and probable reserves.
PNG LNG will utilise the existing liquids export pipeline from the PNG Highlands to the coast and the oil-loading terminal owned by the PL 2 joint venture group.
The construction of the project is based on well established and proven gas infrastructure and plant engineering and design, which mitigates the risk of cost overrun and delay.
The liquefaction process being utilised is Air Products C3/Multi-Refrigerant, which is in use in a range of LNG plants globally.
LNG from the project is fully contracted to four key buyers, comprising TEPCO and Osaka Gas from Japan, CPC from Taiwan and Sinopec from China.
The LNG has been jointly marketed, with ExxonMobil acting as marketing representative on behalf of the project participants.
"The funds generated should be used in a transparent way for the landowners and for all Papua New Guinea citizens," Bainbridge said.
"It's time to operationalise these principles."
In 2014 and 2015, PNG LNG production is expected to come online, providing a large boost to GDP growth.
As of January 2011, Oil Search will be cooperating with Rockwell Energy and Hillsborough energy on a new licence focusing on deeper targets.
