French major Total has revitalized its plans for the Papua LNG project, eyeing to launch the FEED in early 2022 and to reach the final investment decision in 2023.
Chairman and CEO of Total Patrick Pouyanné and a Delegation of Papua New Guinea (PNG) led by the deputy prime minister Samuel Basil attended the meeting on 3 May to review remobilization and the planning of the Papua LNG Project.
The project was delayed for a year because of Covid-19.
The objective is to launch the FEED in early 2022 and to prepare for final investment decision in 2023.
This 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.
Papua LNG project is a 5.4 million tonne a year liquefied natural gas (LNG) project that will target the production of the two main discoveries of Block PRL-15 gas fields, Elk and Antelope. The gas produced by these fields will be transported by a 320 kilometres onshore/offshore pipeline to Caution Bay site in order to be liquefied. This will be integrated to the existing PNG LNG facilities in Caution Bay.
Pouyanné 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 and Papua New Guinea authorities will cooperate to implement the Papua LNG project, taking into 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 per cent interest, alongside partners ExxonMobil (28.7per cent) and Oil Search (17.7 per cent), post the State back-in right of 22.5per cent.