Papua New Guinea: TotalEnergies Takes Decisive Steps Towards Final Investment Decision on Papua LNG
TotalEnergies will keep a 20% stake as the partners cut costs by nearly $4 billion and complete key commercial deals.
- TotalEnergies will transfer operatorship of the $19.5 billion Papua LNG project to ExxonMobil, while Australian energy company Santos increases its stake to become the second-largest overseas partner.
- Since 2024, the project achieved around $4 billion in cost savings through design optimization and rebidding contracts, prompting TotalEnergies to redistribute stakes and give ExxonMobil a higher position.
- The consortium established a marketing joint venture with Kumul Petroleum Holdings Limited to commercialize 2.4 Mtpa of the project's 5.6 Mtpa production, while TotalEnergies secured 1.5 Mtpa for its global portfolio.
- Prime Minister James Marape's government finalized the Gas Agreement to ensure long-term fiscal interests, while TotalEnergies Chairman and CEO Patrick Pouyanné thanked authorities for supporting the project.
- Santos expects to proceed with the project later this year, marking decisive steps toward the Final Investment Decision for developing the Elk and Antelope fields in the Gulf Province.
11 Articles
11 Articles
Papua New Guinea: TotalEnergies Takes Decisive Steps Towards Final Investment Decision on Papua LNG
PARIS–(BUSINESS WIRE)–TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that Papua LNG has achieved major contractual and commercial milestones, marking decisive steps towards a Final Investment Decision. Thanks to the close cooperation with the authorities of Papua New Guinea and Papua LNG partners, the following key milestones have now been achieved: Completion of the EPC tendering process, with …
TotalEnergies announced on Monday the transfer of the role of operator of the Papua LNG project to ExxonMobil, accompanied by an assignment of 9.1% of its participation. This capital reorganization redesigns the shareholder structure of the project while securing...
TotalEnergies transfers Papua LNG's role as operator to ExxonMobil on Monday 7 September 2026 and transfers 9.1% of its participation. The investment cost of the gas project falls by 4 billion dollars thanks to the design optimizations and the relaunch of the EPC tenders. Synergies with PNG LNG, already led by ExxonMobil, aim to strengthen the competitiveness of the project. LNG article: a deal between TotalEnergies and ExxonMobil in Papua New G…
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
