Governance and Partners

TotalEnergies (37.55%)

TotalEnergies SE is a global multi-energy company operating in 130 countries with close to 100,000 employees. The company produces and markets oil, natural gas, renewables and electricity, with an integrated presence across the entire energy value chain from production to distribution.

This integrated business model supports innovation, operational efficiency and the development of technological solutions tailored to evolving energy needs.

ExxonMobil (37.04%)

ExxonMobil affiliates has had a continuous presence in Papua New Guinea for over a century. ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The construction and subsequent operation of Papua LNG’s new electric liquefaction trains adjacent to existing PNG LNG Project liquefaction facilities will be delegated to ExxonMobil by TotalEnergies.

In addition to being responsible for the construction and operation of the US$19 billion PNG LNG Project (33.2 percent interest), ExxonMobil has interests in fuels marketing, oil production and exploration in PNG. ExxonMobil is the parent company of ExxonMobil PNG Limited (EMPNG), the operator of the PNG LNG Project, which successfully and safely delivered PNG’s first LNG project. PNG LNG, having the capacity to produce more than 8 million tons of LNG annually, commenced operations in 2014 and ships liquefied natural gas to customers in Asia.

Santos (22.83%)

Santos is an important Australian domestic gas supplier and LNG supplier in Asia. For 70 years, Santos has been working in partnership with local communities, providing jobs and business opportunities, safely developing natural gas resources and from there powering industries and households.

ENEOS Xplora (2.58%)

ENEOS Xplora Inc., a 100 percent subsidiary of ENEOS Holdings, Inc., is exploring for, developing and producing oil and gas, with activities in Southeast Asia, the Gulf of Mexico, Middle East and PNG. ENEOS Corporation is Japan’s largest integrated oil company and is a major oil importer and distributor of petroleum products. ENEOS Xplora Inc. has been involved in the oil exploration and development projects at Kutubu and Moran as well as other oil fields in PNG since the early 1990s. ENEOS Xplora Inc. has a 4.7 percent interest in the PNG LNG project.

Kumul Petroleum Holdings Limited (up to 20.5%)

Kumul Petroleum Holdings Limited (formerly NPCP Holdings Limited) is a company incorporated under the laws of Papua New Guinea with all issued shares beneficially owned by the Independent State of Papua New Guinea through Kumul Consolidated Holdings (KCH) (formerly, Independent Public Business Corporation of PNG).

Kumul Petroleum may exercise a back-in right of up to 20.5 percent participating equity interest in the Papua LNG project, at the time of grant of the Project’s Petroleum Development License.

Mineral Resources Development Company (up to 2%)

Mineral Resources Development Company Limited (MRDC) is a 100 percent State-owned company. It was incorporated in 1975 under the Companies Act to hold and manage State and Landowner equity interests in mining and petroleum development projects in PNG.

MRDC may exercise a back-in right of up to 2 percent interest in the Papua LNG project, at the time of grant of the Project’s Petroleum Development License

At FID, the State of Papua New Guinea is expected to acquire a total 22.5% interest in the project through Kumul and the Mineral Resources Development Company, strengthening national participation and alignment with local stakeholders.