TotalEnergies sells 9.1% stake in Papua LNG to partners, retains 20% interest
TTE•Operatorship to shift to ExxonMobil
Operatorship is set to shift to ExxonMobil to capture synergies with PNG LNG, while TotalEnergies will retain a 20% stake.
TotalEnergies will sell a 9.1% stake to partners. After the transaction, ownership will be:
- ExxonMobil: 34.1%
- Santos: 21%
- Kumul/MRDC: 22.5%
- ENEOS Xplora: 2.4%
Papua LNG moves toward final investment decision
TotalEnergies said it has moved Papua LNG toward a final investment decision, citing major commercial and contracting milestones.
Project capex has been cut to about USD 14 billion, driven by roughly USD 4 billion of savings since 2024.
Gas agreement amended and LNG marketing JV formed
The Gas Agreement has been amended, and an LNG marketing joint venture has been formed to sell 2.4 mtpa.
