PAPUA LNG PARTNERS FORM LNG MARKETING JOINT VENTURE

BY RAYLEEN WANJIMAN

TOTALENERGIES and PNG State-related entities are establishing a joint venture to jointly market LNG from the Papua LNG Project.

The joint venture involving TotalEnergies and entities represented by Kumul Petroleum Holdings Limited, will commercialize 2.4 million tonnes of LNG per year from Papua LNG.

The project is expected to produce a total of 5.6 million tonnes of LNG annually, primarily for Asian markets.

TotalEnergies says the LNG marketing arrangement will help support financing for the Papua LNG project as it moves closer to a Final Investment Decision.

Under a separate LNG offtake agreement, TotalEnergies will also have access to 1.5 million tonnes of LNG per year for its global portfolio.

Papua LNG will develop gas resources from the Elk and Antelope fields in Gulf Province, with processing and LNG infrastructure planned near Port Moresby.

The project is expected to create employment and local business opportunities and support the development of PNG’s gas industry.