TotalEnergies cuts Papua LNG costs by $4B, nears final investment decision

TotalEnergies advanced the Papua LNG project toward a Final Investment Decision in Papua New Guinea.

EPC tendering processes achieved cost savings of nearly $4 billion since 2024. The company reduced total project capital expenditure to approximately $14 billion.

ExxonMobil will assume operatorship of the project to maximize synergies with existing infrastructure. TotalEnergies will sell a 9.1% interest in the project to its partners. The company will retain a 20% stake and maintain its share of LNG offtake.

TotalEnergies also finalized an amended Gas Agreement with the government of Papua New Guinea. This agreement ensures the project's long-term economic robustness.