TotalEnergies is transferring operatorship of the Papua LNG project in Papua New Guinea to ExxonMobil. This transition leverages synergies with the adjacent Exxon-operated PNG LNG plant.
The partners reduced the project's capital expenditure by nearly $4 billion. Total development costs are now estimated at approximately $14 billion.
TotalEnergies will sell a 9.1% interest in the venture to its partners. ExxonMobil will become the lead operator with a 34.1% stake.
A final investment decision could be reached as early as November. The facility is designed to produce 5.6 million tons of LNG per year for Asian markets.