REG-TotalEnergies SE Papua New Guinea: Totalenergies Launches Integrated Engineering Studies for the Papua LNG project

TotalEnergies SEAnnouncement

07/03/2023 07:30

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Papua New Guinea: Totalenergies Launches Integrated Engineering Studies for
the Papua LNG project

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), operator of the project,
announces the launch of the fully integrated Front-End Engineering and Design
(FEED) for the Papua LNG project.

Following pre-FEED studies, in order to maximize synergies and minimize the
costs, Papua LNG partners have selected a concept including four electrical
LNG trains (e-trains) with a total capacity of 4 Mt/y. These trains will be
built within the existing liquefaction plant of PNG LNG in Caution Bay. Papua
LNG has also secured the use of 2 Mt/y of additional liquefaction capacity in
the existing trains of PNG LNG. By selecting e-trains and re-injecting the
native CO(2) produced into the reservoirs, Papua LNG demonstrates its
commitment to the reduction of the carbon intensity of the project. The
construction and operation of the electrical liquefaction trains will be
delegated to ExxonMobil, operator of the PNG LNG project since 2014.

In the framework of this integration between Papua LNG and PNG LNG,
TotalEnergies is pleased to also announce the signature of a head of agreement
with JX Nippon in the view to sell a 2% interest (post Kumul back-in right) in
Papua LNG. JX Nippon is an affiliate of ENEOS and already holds a 4.7%
interest in PNG LNG.

TotalEnergies holds 40.1% interest in Papua LNG, along with its joint venture
partners ExxonMobil (37.1%) and Santos (22.8%). The State of Papua New Guinea
may exercise a back-in right of up to 22.5% interest at the Final Investment
Decision planned by end 2023-early 2024. Production start-up is scheduled four
years later.

“The integrated FEED entry is a significant step in the development of the
Papua LNG project. TotalEnergies and its partners are working closely with the
Government, the communities, and the local economic network to ensure the
Papua LNG Project serves as a landmark on the societal and environmental front
for the LNG industry”, said Julien Pouget, Senior Vice President Asia
Pacific for Exploration & Production and Renewables at TotalEnergies.
“This project, strongly supported by the Papua New Guinea State, will
contribute to the security of LNG supply, especially for customers in Asia,
where LNG can substitute coal for power generation and participate in a
substantial reduction of CO(2) emissions in the region.”

“The Papua LNG Project is a project of national significance for Papua New
Guinea and will stimulate business confidence and provide a significant
impetus for our economy” said the Honorable Kerenga Kua, Minister of
Petroleum and Energy of Papua New Guinea. The Marape-Rosso government places
high priority on the delivery of Papua LNG project, we have an improved deal
for our people, and improved contribution of our national contractors and work
force. The government strongly supports the Papua LNG project and encourages
all stakeholders including project partners to work diligently to deliver an
“on time-on budget” project.”

Papua LNG to set one of the highest standards in the industry

During the study phase and the construction of the project, TotalEnergies and
its partners are working closely with an independent panel of experts, highly
recognized for their contribution on environment and socio-economic
development, to make this project best-in-class in terms of sustainability.
These experts are supporting the development of the project and formulate
recommendations that can be found on the Papua LNG website
(www.papualng.com.pg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.papualng.com.pg&esheet=53357531&newsitemid=20230307005577&lan=en-US&anchor=www.papualng.com.pg&index=1&md5=c22021b81e632be0a322503977819a58)
). The Papua LNG project is committed to building long-term constructive
relationships with its stakeholders and providing benefits for the country.

***

TotalEnergies in Papua New Guinea

TotalEnergies has been present in Papua New Guinea since 2011. The Company now
employs nearly 200 people, with a sharp increase, across Exploration &
Production and Marketing & Services business segments.

TotalEnergies owns an interest in Block PRL-15 (40.1%, operator since 2015)
and interests in three exploration licenses.

TotalEnergies, the world’s third largest LNG player

TotalEnergies is the world’s third largest LNG player with a market share of
around 12% and a global portfolio of about 50 Mt/y thanks to its interests in
liquefaction plants in all geographies. The Company benefits from an
integrated position across the LNG value chain, including production,
transportation, access to nearly 20 Mt/y of regasification capacity in Europe,
trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share
of natural gas in its sales mix close to 50% by 2030, to reduce carbon
emissions and eliminate methane emissions associated with the gas value chain,
and to work with local partners to promote the transition from coal to natural
gas.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables, and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable, and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

@TotalEnergies
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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
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 TotalEnergies SE
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. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).



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