TotalEnergies advances Papua LNG toward final investment decision

TotalEnergies announced Papua LNG achieved key milestones, reducing costs to $14B. ExxonMobil will take over operatorship, and TotalEnergies will sell a 9.1% stake. A gas agreement was finalized with Papua New Guinea, and an LNG marketing joint venture was established. TotalEnergies will retain a 20% stake and secure 1.5 Mtpa of LNG.

TotalEnergies will transfer operatorship of the Papua LNG project to ExxonMobil and sell a 9.1% stake, retaining 20%. Project costs have been reduced to $14bn. Santos will buy an additional 3.3% stake for $189m, increasing its share to 21%. A final investment decision is planned for Q4 2026.

TotalEnergies will transfer operatorship of the Papua LNG project to ExxonMobil and reduce its stake. ExxonMobil's ownership will increase to 34.1%, with a final investment decision expected by yearend. The project aims to process gas from the Elk and Antelope fields, with cost savings bringing expenditure down to around $14 billion.

ExxonMobil took control of the $14B Papua LNG project from TotalEnergies, which retains a 20% stake. The move aims to streamline operations, reduce costs, and reach a final investment decision. The project targets a breakeven price of $45-$50 per barrel, appealing to cost-conscious investors.

TotalEnergies has given Exxon Mobil control of the Papua LNG project and sold a 9.1% stake to partners, advancing the project toward a final investment decision this year.

ExxonMobil will operate the $14 billion Papua LNG project as partners near a final investment decision. TotalEnergies reported $4 billion in cost savings, reducing estimated capex. ExxonMobil's stake will increase to 34.1% post-transaction. The project aims to produce 5.6 MMtpa of LNG in Papua New Guinea.