TotalEnergies and Papua New Guinea Prime Minister Discuss Progress of Papua LNG Project

TotalEnergies and Papua New Guinea Prime Minister Discuss Progress of Papua LNG Project

(IN BRIEF) Prime Minister James Marape of Papua New Guinea and Patrick Pouyanné, Chairman and CEO of TotalEnergies, convened to review the status of the Papua LNG project. TotalEnergies affirmed its commitment, alongside project partners ExxonMobil, Santos, and JX Nippon, to the initiative, highlighting strong interest from LNG buyers due to its strategic location. While the project is progressing, further work is needed to secure commercially viable contracts, postponing the final investment decision (FID) to 2025. Despite this delay, early works planned for 2024 will proceed as scheduled, underscoring TotalEnergies’ dedication to supporting the local community in Gulf Province. Additionally, TotalEnergies announced plans to drill the first deepwater exploration well on the PPL 576 license in 2025.

(PRESS RELEASE) PARIS, 8-Apr-2024 — /EuropaWire/ — James Marape, the Prime Minister of Papua New Guinea and Patrick Pouyanné, Chairman and CEO of TotalEnergies, met together to discuss the status of the Papua LNG project.

On this occasion, Patrick Pouyanné reaffirmed to the Prime Minister that TotalEnergies, operator of the project, and its international partners ExxonMobil, Santos, JX Nippon, are fully committed to Papua LNG.

In particular, he shared the high interest of several LNG buyers for off-taking LNG from Papua LNG due to its strategic location close to key Asian markets.

He also informed the Prime Minister that, after receiving first EPC offers, it appears that the project will need to keep working with contractors to obtain commercially viable EPC contracts and requires more work to reach FID.

In that view, the project will review the structure of some packages and open the competition to an enlarged panel of Asian contractors. As a consequence, FID of Papua LNG project is now expected in 2025.

The Prime Minister and Patrick Pouyanné agreed that this slight delay will not affect the early works planned in Papua New Guinea in 2024 and that the project will maintain its full support to local population of Gulf Province. This demonstrates the commitment of TotalEnergies to the well-being of the people of Papua New Guinea.

Moreover, Patrick Pouyanné announced that TotalEnergies intends to drill the first deepwater exploration well on the PPL 576 license in 2025.

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