TotalEnergies to transfer Papua LNG operatorship to ExxonMobil

Papua LNG reached major pre-FID milestones, including completion of EPC tendering and a decision to transfer operatorship from TotalEnergies to ExxonMobil. The project capex has been reduced by about $4bn to around $14bn, helped by design optimization, PNG LNG synergies and rebidding EPC packages. TotalEnergies will reduce its stake to 20%, while ExxonMobil will become operator with 34.1%, alongside Santos, ENEOS and PNG state entities. A new LNG marketing JV will commercialize 2.4 mtpa, while TotalEnergies will secure 1.5 mtpa for its global LNG portfolio.

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