Papua LNG Progress

TotalEnergies advances the Papua LNG project following significant cost savings and milestone achievements.

TotalEnergies (Paris:TTE) and LSE:TET have achieved significant contractual and commercial milestones towards a Final Investment Decision on Papua LNG in Papua New Guinea. Key milestones include the completion of the EPC tendering process and approval of contract award recommendations for the project. Since 2024, close to $ 4 billion cost savings have been achieved through project design optimization and rebidding EPC packages with Asian EPC contractors, bringing the project capital expenditure down to around US$ 14 billion. TotalEnergie will sell a 9.1% interest (post back-in of Kumul Petroleum) in the project to its Papua Lng partners, maintaining its LNG offtake share. The Gas Agreement with the Government of Papua New Guinean has been amended to ensure robust project economics, while preserving the State’s long-term fiscal interests.

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