TotalEnergies holds 37.55% in Papua LNG Joint Venture
TotalEnergies SE is a multi-energy company, producing and marketing oil and biofuels, natural gas and green gas, renewables and electricity. In 130 countries, with close to 100,000 employees, the company ensures a presence across the entire value chain of these energies – from production and processing to distribution in various forms – this enables us to invent technological solutions and innovate for our customers.
An integrated business model is our strength and sets us apart. Efficient, profitable and innovative, it is a guarantee of quality for our customers.
ExxonMobil holds 37.04% in Papua LNG Joint Venture
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 holds 22.83% interest in Papua LNG Joint Venture
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 holds 2.58% interest in Papua LNG Joint Venture
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 (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 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 PNG is expected to acquire a 22.5% interest in the Project via Kumul and MRDC representing the interests of the Landowners, with Kumul and MRDC holding 20.5% and 2% respectively.
The below table outlines the pre-FID shareholding and the expected post-FID shareholding in the Papua LNG Project.
| Entities | % Sponsor interest Pre-FID | % Sponsor interest Post-FID |
| TotalEnergies | 37.55% | 29.1% |
| ExxonMobil | 37.04% | 28.7% |
| Santos | 22.83% | 17.7% |
| Eneos Xplora Inc | 2.58% | 2% |
| Kumul | 20.5% | |
| MRDC | 2.0% | |
| Total | 100.00% | 100.0% |
