Total revives Papua New Guinea LNG plan
May 5, 2021 9:18:am
Summary The new spirit of co-operation with the government should bring a final investment decision in a few years.
by: William Powell
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Total revives Papua New Guinea LNG plan
French energy company Total and Papua New Guinea (PNG) have remobilised the Papua LNG project following talks in Paris May 3 between CEO Patrick Pouyanne and deputy prime minister Samuel Basil. After a year of delay because of Covid-19, the government of PNG and Total as operator are pleased to announce the remobilisation of the project teams and of other required resources, Total said. The objective is to launch the front-end engineering and design early next year and to prepare for final investment decision in 2023.
France s Total hopes to move to a final investment decision on the planned two-train 5.6 million mt/year capacity Papua LNG project in Papua New Guinea in 2023, it said May 5, as it begins to remobilize project teams after a one-year delay due to COVID-19.
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Papua LNG which will take gas from the Elk and Antelope gas fields will move to the front-end engineering and design (FEED) stage in early 2022, Total said. I confirm that this project is ranking very high in Total s portfolio given its proximity to growing Asian LNG markets and we will dedicate all necessary resources, Total CEO Patrick Pouyanne said in a statement.
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Regulatory News:
A meeting took place on 3rd of May between Patrick Pouyanné, Chairman and CEO of Total (Paris:FP) (LSE:TTA) (NYSE:TOT), and a Delegation of Papua New Guinea (PNG) led by the Deputy Prime Minister Samuel Basil, with the objective to review together the next steps for the development of the Papua LNG project.
After a year of delay because of Covid-19, the Government of PNG and Total as Operator are pleased to announce the remobilization of the project teams and of other required resources. The objective is to launch the FEED early 2022 and to prepare for final investment decision in 2023. This positive development follows the signature and the reconfirmation of the Papua LNG Gas Agreement in 2019, the signature of the Fiscal Stability Agreement and the award of the License extension in February 2021.
Total talks up Papua LNG plan with authorities
Total has set out plans to get the Papua LNG plan back on track, following the declaration of force majeure on its Mozambique LNG project.
Total in Papua New Guinea
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Total has set out plans to get the Papua LNG plan back on track, following the declaration of force majeure on its Mozambique LNG project.