Santos Acquires Additional Stake in Papua LNG as ExxonMobil Becomes Operator
Santos has agreed to acquire an additional 3.3% stake in the Papua LNG project from TotalEnergies for $189 million, increasing its total interest to 21%. The transaction is part of a broader restructuring that will see ExxonMobil take over operatorship of the liquefied natural gas (LNG) development. This shift includes TotalEnergies selling an additional stake and transferring control to ExxonMobil PNG Antelope Limited. The project, which aims to develop the Elk-Antelope gas fields in Papua New Guinea, is expected to produce 5.6 million tonnes of LNG annually for Asian markets. Recent cost optimization efforts have reduced capital expenditure estimates from over $18 billion to around $14 billion, improving economic viability and paving the way toward a final investment decision (FID) by late Q4 2026. Santos' increased stake will raise its LNG production share in Papua LNG to approximately 1.2 million tonnes per year. The move strengthens Santos’ presence in PNG’s energy sector, where it already holds an interest in the ExxonMobil-operated PNG LNG project.
Topics: ExxonMobil LNG Papua LNG Santos TotalEnergies