Commodities
Exxon Takes Helm at Papua LNG as TotalEnergies Sells Stake
TotalEnergies is selling a 9.1% stake in its Papua LNG joint venture to partners, retaining 20%. ExxonMobil will take over as operator.
The company is nearing a final investment decision on the liquefied natural gas facilities, with a November target. The project aims to produce 5.6 million metric tons per year for Asian buyers.
TotalEnergies has achieved around US$4 billion in cost savings since 2024 through rebidding contracts and optimizing design.