Total and the State of Papua New Guinea Sign Gas Agreement for Papua LNG Project
09 April 2019 - 4:20PM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and its partners
ExxonMobil and Oil Search have signed the Gas Agreement with the
Independent State of Papua New Guinea defining the fiscal framework
for the Papua LNG Project. This Gas Agreement allows the partners
to enter the Front-End Engineering Design (FEED) phase of study
that will lead to the Final Investment Decision in 2020.
“The finalization of the Gas Agreement is a major milestone for
Papua LNG project that confirms the commitment of all partners and
the Government of Papua New Guinea to make the project a success
for all stakeholders”, said Patrick Pouyanné, Chairman and CEO
of Total. “We are very pleased with the progress of this
competitive LNG project that benefits from the brownfield synergies
with existing liquefaction facilities and the proximity to Asian
markets. It will further strengthen our position in the Pacific
basin and ensure our future LNG portfolio growth.”
The Papua LNG project of 5.4 million tons per annum (Mtpa)
capacity will consist of two LNG trains of 2.7 Mtpa capacity each
and will unlock over 1 billion barrels of oil equivalent of natural
gas resources. The gas production will be operated by Total and the
LNG plant will be developed in synergy with ExxonMobil-operated PNG
LNG project through an expansion of the existing plant in Caution
Bay.
Since the signature of a Memorandum of Understanding in November
2018,the pre-FEED engineering studies and the environmental
baseline survey have been completed.
Total operates the Elk and Antelope onshore fields and is the
largest shareholder of the PRL-15 permit with a 31.1% interest,
alongside partners ExxonMobil (28.3%) and Oil Search (17.7%), post
the State back-in right of 22.5%.
About Total
Total is a major energy player, which produces and markets
fuels, natural gas and low-carbon electricity. Our 100,000
employees are committed to better energy that is safer, more
affordable, cleaner and accessible to as many people as possible.
Active in more than 130 countries, our ambition is to become the
responsible energy major.
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise.
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