Total and the State of Papua New Guinea Sign Ga...
Total and the State of Papua New Guinea Sign Gas Agreement for Papua LNG Project
Total
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 stakeholdersâ€, 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.â€
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.
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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 “weâ€, “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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190408005885/en/
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