[CLSTR]
< Back to situation

[REVISION HISTORY]

Papua LNG project development

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-07 09:56 UTC → 2026-09-08 10:52 UTC · added removed

TotalEnergies has reported significant progress regarding announced major contractual and commercial milestones for the Papua LNG project in Papua New Guinea, aiming to move moving the venture toward closer to a Final Investment Decision. Through project design optimization and the rebidding of EPC packages with Asian contractors, the company has achieved approximately $4 billion in cost savings, bringing total projected capital expenditure down to roughly $14 billion. Decision (FID). As part of a strategy strategic shift to maximize synergies with the existing neighboring PNG LNG project, TotalEnergies ExxonMobil will transfer operatorship to ExxonMobil. Following this transition, take over as the project operator. To facilitate this, TotalEnergies will retain sell a 20% 9.1% interest and to its partners, retaining a 20% stake while maintaining its share of LNG offtake, while selling offtake. Additionally, Santos has previously agreed to purchase a 9.1% interest 3.3% interest, bringing its total stake to project partners. A new LNG marketing joint venture 21%. The project's estimated capital expenditure has also been established between TotalEnergies reduced to approximately $14 billion, following nearly $4 billion in cost savings achieved through design optimization and the renegotiation of EPC contracts with Asian contractors. Key developments also include the finalization of an amended gas agreement with the Government of Papua New Guinea state-related entities, including and the establishment of an LNG marketing joint venture with Kumul Petroleum Holdings Limited. The project is intended to produce 5.6 This venture will manage the commercialization of 2.4 million tonnes metric tons of LNG annually, primarily for Asian markets. per year from the project's total expected production of 5.6 million metric tons per annum.

Versions

  1. 2026-09-08 10:52 UTC Papua LNG project development
  2. 2026-09-07 09:56 UTC Papua LNG project development

Only revisions since CLSTR began indexing content versions appear here. Select a version to see what changed compared to the one before it.