Papua New Guinea: TotalEnergies Takes Decisive Steps Towards Final Investment Decision on Papua LNG
- 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.
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The AI Journal
stocktitan.netPapua 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 …
ExxonMobil to take operatorship of Papua LNG as $14 billion project nears FID
ExxonMobil will take operatorship of the Papua LNG project as it moves toward FID, with design optimization and EPC rebidding cutting estimated development costs by nearly $4 billion to about $14 billion.
Papua LNG Clears Major Hurdles as $14B Project Nears Final Investment Decision
Papua LNG has cleared several major development hurdles after its partners reduced the project’s estimated capital cost to about $14 billion and agreed to transfer operatorship to ExxonMobil ahead of a Final Investment Decision (FID). The changes put the proposed 5.6-million-tonne-per-year (Mtpa) LNG development in Papua New Guinea closer to the construction phase. The partners […]
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