TotalEnergies Says Papua Project Needs More Work to Become Commercially Viable
By Nina Kienle
TotalEnergies said its liquefied natural gas project in Papua New Guinea needs more work to become commercially viable and before a final investment decision can be reached.
The French oil and gas giant said Monday that in a recent meeting with the Prime Minister James Marape, Chief Executive Patrick Pouyanne said that the project would need to work with third-party contractors to conclude commercially viable engineering, procurement and construction contracts.
A final investment decision is expected to be reached in 2025, the company said.
The delay won't affect the early works planned in Papua New Guinea in 2024, TotalEnergies and the prime minister said in the joint statement.
The company intends to drill the first deepwater exploration well in 2025, Pouyanne said.
The project is a joint venture between TotalEnergies, Exxon Mobil, JX Nippon and Santos, alongside state-owned Kumul Petroleum.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
April 08, 2024 11:11 ET (15:11 GMT)
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