Total Energies downsizes Papua stake

Total Energies has aimed to reduce its stake in the Papua LNG project in Papua New Guinea, transferring operational responsibilities to ExxonMobil. This move enhances the likelihood of making a final investment decision before the end of the year. The company sold a 9.1% share to partners while retaining a 20% stake, as part of a strategic restructuring of the ownership involving multiple companies, aimed at increasing costs and efficiency. Meanwhile, Santos increased its stake in the project to 21% by investing $189 million, contributing to roughly a 19% boost in the company's liquefied natural gas (LNG) production, reaching approximately 1.2 million tons annually. A final decision is expected in the last quarter of 2026. The project, delayed for over a decade due to financial disagreements and the impacts of the COVID-19 pandemic, aims to produce around 5.6 million tons of LNG annually, with most of it directed toward Asian markets. Total Energies continues to reduce its stake but maintains an approximate annual share of 1.5 million tons within its LNG portfolio.

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