REG-TOTAL Papua New Guinea: Total and the Government of Papua New Guinea Confirm the Remobilization and the Planning of the Papua LNG Project

TotalEnergies SEAnnouncement

05/05/2021 10:40

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Papua New Guinea: Total and the Government of Papua New Guinea Confirm the
Remobilization and the Planning of the Papua LNG Project

 

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.

Patrick Pouyanné declared “I am honored to welcome the Deputy Prime
Minister of Papua New Guinea in our head-offices in Paris to review the Papua
LNG implementation plan. This is indeed a very strong signal of the dedication
of the PNG government to the success of this key project. 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”.

The Deputy Prime Minister stated “it was very important for the Government
of Papua New Guinea to meet Total Chairman and CEO and the French authorities
to stress the importance to our nation of the Papua LNG project, and to pledge
the full support of our government to this project. I am pleased with the
outcome of this meeting with clear implementation plans.”

Papua LNG project will target the production of the two main discoveries of
Block PRL-15, Elk and Antelope, that were fully appraised until 2017. It is
expected that the gas produced by these fields will be transported by a 320 km
onshore/offshore pipeline to Caution Bay site in order to be liquefied in 2
trains to be built with a total capacity of 5.6 Mt/y which will be integrated
to the existing PNG LNG facilities in Caution Bay.

Total and PNG Authorities will cooperate to create significant in-country
value and to implement the Papua LNG project in an exemplary manner and taking
into highest consideration the biodiversity and environmental stakes as well
as the local communities’ rights.

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 (28.7%) and Oil Search (17.7%), post the State back-in right of
22.5%.

Total, Second Largest Private Global LNG Player

Total is the world's second largest privately owned LNG player, with a global
portfolio of nearly 50 Mt/y by 2025 and a global market share of around 10%.
The Group benefits from strong and diversified positions throughout the LNG
value chain: gas production and liquefaction, LNG transportation and trading,
and contribution to the development of the LNG industry for maritime
transport. Through its interests in liquefaction plants in Qatar, Nigeria,
Russia, Norway, Oman, Egypt, the United Arab Emirates, the United States,
Australia and Angola, the Company markets LNG on all world markets.

***

About Total

Total is a broad energy company that produces and markets fuels, natural gas
and electricity. Our 100,000 employees are committed to better energy that is
more affordable, more reliable, 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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