He said it would follow the finalisation of the evaluation of gas reserves, which the company hoped to complete by the end of this year and the front-end engineering design of the project.
“We will have a finalised evaluation of gas reserve by year end and we will decide, what is the type of the project,” Pouyanne said.
“And then we’ll begin the engineering studies. We hope to have the engineering studies done by 2017.
“Evaluation of reserves in 2016, engineering studies in 2017 and construction should start in 2018.
“For now, we are appraising, evaluating the volume of gas. We will have the evaluation by year end and decide on the size of the project, end of 2016.”
He said an investment decision was expected to be made by next year.
“Beginning 2017, we will be able to tell, ok this size of reserves we can make decision for the LNG plant.”
On developing the Papua LNG project during the current challenging economic times, Pouyanne said: “When we invest in LNG plant, we invest for 20 years. And between those 20 years, we anticipate low prices, high prices.
“We prefer of course to have good prices but what is important is to see envisioned the market where we will sell the energy.”