Commodities
TotalEnergies Transfers Papua LNG Operatorship to ExxonMobil
TotalEnergies SE will relinquish control of its Papua LNG project in Papua New Guinea to ExxonMobil Holdings Corp. as part of a plan to unlock the $14 billion investment by the end of the year.
The project, which has been delayed for years due to disputes with local authorities and the ongoing war in the Middle East, will now be operated by ExxonMobil at its existing PNG LNG export facility.
The transfer is seen as a strategic move to tap into Asia's growing demand for liquefied natural gas (LNG) by utilizing space next to ExxonMobil's existing export facility.