TotalEnergies Transfers Operatorship to ExxonMobil on Papua LNG Project

TotalEnergies' gas project in Papua New Guinea has achieved significant milestones, marking decisive steps towards a Final Investment Decision. The project, known as Papua LNG, has realized nearly $4 billion in cost savings through project design optimization and rebidding of engineering, procurement, and construction (EPC) packages.

As part of the project's advancement, TotalEnergies will transfer operatorship to ExxonMobil, which operates a nearby project called PNG LNG. This move is expected to enhance the project's value creation and competitiveness by leveraging synergies with PNG LNG during construction and operations phases.

TotalEnergies will retain a 20% interest in Papua LNG after selling a 9.1% stake to its partners, including ExxonMobil, Santos, ENEOS Xplora, Kumul Petroleum Holdings Limited, and the Mineral Resource Development Company (MRDC). The project is designed to produce 5.6 million tons per annum (Mtpa) of liquefied natural gas (LNG), primarily for Asian markets.

TotalEnergies' Chairman and CEO, Patrick Pouyanné, stated that these agreements mark a decisive step towards the Final Investment Decision of Papua LNG. He thanked the Government of Papua New Guinea for its continuous support in achieving these major milestones.