IRVING (dpa-AFX) - TotalEnergies (TTE.PA, TTE) announced that Papua LNG has achieved major contractual and commercial milestones, marking decisive steps towards a Final Investment Decision. The achieved milestones include: a decision made to maximize synergies for the benefit of the project by transferring the operatorship to ExxonMobil, operator of PNG LNG. In order to give to ExxonMobil a higher stake in the project, TotalEnergies will sell a 9.1% interest in the project to its Papua LNG partners, in proportion to their existing participating interests and will retain a 20% interest in the project, while maintaining its LNG offtake share of the project. Upon completion of the farm-down by TotalEnergies of part of its interest and exercise by the State of Papua New Guinea of its back-in right, TotalEnergies will hold a 20% interest in Papua LNG, alongside ExxonMobil - operator- with 34.1% interest, Santos, ENEOS Xplora, and Kumul Petroleum Holdings Limited and MRDC.
Other achieved milestones include: completion of the EPC tendering process; finalization of the Gas Agreement with the Government of Papua New Guinea; establishment of a LNG marketing joint venture between TotalEnergies and the PNG State-related entities represented by Kumul Petroleum; and execution of a LNG offtake Heads of Agreement between TotalEnergies as a buyer and the parties of the LNG marketing joint venture as sellers.
At previous close on Euronext Paris, TotalEnergies shares were trading at 76.10 euros.
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