ExxonMobil Takes Control of Papua LNG Project
ExxonMobil has taken control of the Papua LNG project in Papua New Guinea, assuming operatorship as the $14 billion project moves towards a Final Investment Decision (FID). The US oil major will hold a 34.1% stake in the project and oversee its development, with TotalEnergies transferring its operatorship to leverage construction and operating synergies with PNG LNG.
The cost of the project has been reduced by nearly $4 billion since 2024 through design optimization and tendering for engineering, procurement, and construction (EPC) packages. The EPC tender process is complete, and recommendations for awarding contracts are ready for approval from participating companies.
Papua LNG is designed to produce 5.6 million tonnes of liquefied natural gas per year, with the development including gas processing facilities and a pipeline to transport output from the Elk and Antelope fields to liquefaction infrastructure near Port Moresby.