Papua LNG Project TotalEnergies Update for 2024, 2025 & Beyond

The Papua LNG project, led by energy giant TotalEnergies (40.1% stake), aims to unlock Papua New Guinea’s vast gas resources, estimated at over 1 billion barrels of oil equivalent. Partnering with ExxonMobil (37.1%) and Santos (22.8%), the project is inching closer to development. Here’s a breakdown of the key milestones and what to expect in the coming years.

Papua LNG Project led by TotalEnergies (40.1%) with ExxonMobil (37.1%) and Santos (22.8%) aims to develop Papua New Guinea's gas reserves (over 1 billion barrels of oil equivalent). Early works are on track for 2024. Final Investment Decision (FID) is targeted for 2025, with a potential production start-up in 2026. The project holds economic benefits for PNG and aims to serve Asian energy markets.

CEO’s Statement: Patrick Pouyanné, Chairman and CEO of TotalEnergies, reaffirmed to the Prime Minister, James Marape, that TotalEnergies and its international partners are fully committed to Papua LNG. He shared the high interest of several LNG buyers for off-taking LNG from Papua LNG due to its strategic location close to key Asian markets. He also informed the Prime Minister that the project will need to keep working with contractors to obtain commercially viable EPC contracts and requires more work to reach FID. More on their website.

2024- 2025: Securing Investment for Papua LNG Project

Despite the delay in the Final Investment Decision (FID), good news comes for 2024. Early works planned in Papua New Guinea will proceed as scheduled. This might involve activities like land acquisition, initial infrastructure development, and potentially, early drilling activities.

The big-ticket event of 2025 is the highly anticipated FID. This is the point where project partners officially commit significant resources and move forward with full-scale development. With a target FID in 2025, the project could potentially see a significant ramp-up in activity, including securing major contracts for construction and equipment.

Papua LNG Project 2025 & Beyond Development and Production

Assuming a 2025 FID, production start-up could potentially occur in 2026. However, it’s important to remember that this is an estimate, and the actual timeline might shift depending on various factors.

TotalEnergies, along with its partners, is committed to Papua LNG. The project holds immense potential for Papua New Guinea, fostering economic activity through job creation and potential revenue streams. Additionally, the LNG produced will be strategically located to serve key Asian markets with growing energy demands.

Papua LNG Project TotalEnergies and the PNG Government’s Roles

TotalEnergies, a major player in the global energy sector, brings its expertise and resources to the table. The company is actively working to secure commercially viable contracts for the project’s construction and operation. Open communication and collaboration with the PNG government are crucial for the project’s success. The government, under the leadership of Prime Minister James Marape, has expressed strong commitment to the project, viewing it as a catalyst for economic growth.

The information provided here is based on the latest available data and is subject to change. Market conditions, government regulations, and unforeseen circumstances can all impact the project timeline. For the most up-to-date information, it’s recommended to follow official announcements from TotalEnergies and the PNG government.

In brief:

Papua LNG Project led by TotalEnergies (40.1%) with ExxonMobil (37.1%) and Santos (22.8%) aims to develop Papua New Guinea’s gas reserves (over 1 billion barrels of oil equivalent). Early works are on track for 2024. Final Investment Decision (FID) is targeted for 2025, with a potential production start-up in 2026. The project holds economic benefits for PNG and aims to serve Asian energy markets.

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