TotalEnergies has “reaffirmed” to the PNG government that the French operator and its international partners ExxonMobil, Santos, JX Nippon, “are fully committed to Papua LNG”.

 

However, “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,” Total Energies said, adding that “as a consequence, FID of Papua LNG project is now expected in 2025.”

 

Earlier, PNG’s petroleum minister had said that his government has received assurances from the TotalEnergies that “things are on track” as it was "very comfortable" about securing funding for the US$12 billion project, despite European banks' increased reluctance to fund new fossil fuel projects.

 

It was reported that a string of Australian and European banks were unwilling to finance the Papua LNG, as a final investment decision (FID) on the project was expected this year.

 

The 6 MMT/Y Papua LNG project’s shareholders are TotalEnergies (operator) 40.1%, ExxonMobil 37.1%, Santos Ltd 22.8%. PNG government to exercise a back-in right for up to a 22.5% interest at the FID date.

 

The complete article is available at: here

 

 

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