XOM - Total remobilizes Papua LNG project with eye on 2023 investment decision

Total (TOT) +2% pre-market after saying it agrees with the Papua New Guinea government to remobilize the teams and resources needed to proceed with development of the Papua LNG project, which had been delayed due to the pandemic.Total says it plans to launch front-end engineering design work in early 2022 and prepare for a final investment decision in 2023.Papua LNG will target the production of the two main discoveries located on Block PRL-15 - Elk and Antelope - with the gas produced from the fields to be liquefied in two liquefaction trains, which will be built with a total capacity of 5.6M tons/year.Total operates the Elk and Antelope onshore fields and is the largest shareholder of the PRL-15 permit with a 31.1% interest, alongside partners Exxon Mobil (XOM) and Oil Search (OISHF), with respective 28.7% and 17.7% stakes.

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Total remobilizes Papua LNG project with eye on 2023 investment decision