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Leaders in Central Province have unequivocally rejected the proposed 70:30 and 80:20 benefit splits for the Papua LNG project, citing a lack of legal and financial basis for the director's tier 1 proposal.
French energy giant TotalEnergies is stepping back from its involvement in the Papua liquefied natural gas development, handing operational control to ExxonMobil as part of a strategic portfolio shift.
The Papua New Guinea government has finalized amendments to the Papua LNG development agreement, securing more favorable terms and establishing a clear pathway toward the project's final investment decision. The revised deal is expected to attract significant foreign capital while ensuring greater national economic benefits.
TotalEnergies will reduce its ownership share and hand over operatorship of the Papua LNG development to ExxonMobil, a strategic shift that advances the project toward its final investment decision amid growing energy demand in the region.
Kumul Petroleum Holdings and TotalEnergies have signed an amended agreement to improve oversight and governance for the joint marketing of liquefied natural gas from the Papua LNG Project.
ExxonMobil is moving forward with acquiring the Papua LNG development from TotalEnergies after the French energy giant announced major contractual and commercial milestones toward a final investment decision.
Under a revised gas agreement signed recently, ExxonMobil will sell the Papua New Guinea government an additional 2.5 percent equity stake in the Papua LNG project, according to state negotiators.