TotalEnergies will transfer operatorship of the Papua LNG project to ExxonMobil to accelerate a final investment decision. TotalEnergies is reducing its ownership by selling portions of its stake to project partners. ExxonMobil will become the largest shareholder with a 34.1% interest. Australian energy firm Santos also increased its stake through the agreement.
The shift leverages operational synergies with ExxonMobil’s existing PNG LNG project in Papua New Guinea. Consolidating control aims to streamline execution and lower costs for the planned 5.6 million metric tons per annum facility. This restructuring realigns global energy players to secure a key LNG source for Asian markets.