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.
13 Articles
13 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 …
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 […]
The company has achieved a significant cost advantage since 2024 through changes in project design and restructuring of the contracting process. The savings achieved will contribute to Papua LNG's final investment...
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