TotalEnergies hands Papua LNG operatorship to ExxonMobil

TotalEnergies is transferring operatorship of Papua LNG to ExxonMobil, which already runs the neighboring PNG LNG plant, to capture construction and operating synergies. After the transaction ExxonMobil would hold 34.1% and operate the project, while TotalEnergies sells a 9.1% interest and keeps 20%. The partners put capital cost at about $14 billion, and the project is advancing toward a final investment decision with no date given.

• ExxonMobil: 34.1% and operator after the transaction
• Santos 21%; TotalEnergies 20%; ENEOS Xplora 2.4%; PNG state entities 22.5%
• Capital cost estimate about $14 billion; nearly $4 billion of savings since 2024
• Transaction conditional on the final investment decision