TotalEnergies Sells Interest in Papua LNG Project to ExxonMobil

TotalEnergies announced that the Papua LNG project achieved critical commercial and contractual milestones toward a Final Investment Decision. These included completing the EPC tendering process and establishing a joint marketing venture with Kumul Petroleum to commercialize 2.4 Mtpa. As part of this transition, operator responsibilities are transferring to ExxonMobil Holdings Corporation.

The corporate shift allows TotalEnergies to reduce operational risk and lower capital expenditure requirements. For ExxonMobil, the acquisition of operatorship integrates the project into its existing PNG LNG infrastructure, supporting its long-term growth strategy.

ExxonMobil and TotalEnergies are competing for investment and final decisions regarding the Papua LNG Project.