In a recent investor broadcast, TotalEnergies CEO, Patrick Pouyanné, assured stakeholders that the funding for Papua New Guinea's second Liquefied Natural Gas (LNG) project, known as Papua LNG, is secured. The project aligns with TotalEnergies' global LNG initiatives, and progress is underway on multiple fronts.
Pouyanné highlighted that the company is actively engaged in project marketing, engineering procurement, construction (EPC) contracts, and securing financing for the LNG projects. He emphasized the importance of Papua LNG in the Asian market and the ongoing efforts to address financing and EPC contractor aspects.
Papua New Guinea's Petroleum Minister, Jimmy Maladina, expressed strong support for TotalEnergies, stating, "We stand firm in our responsibility to support industry leaders like TotalEnergies in the face of this industry evolution." Maladina met with TotalEnergies' senior representative for the Asia Pacific region, Thomas Maurisse, expressing confidence in their commitment to addressing financing issues, marketing, and securing EPC contractors.
Maladina anticipates joint measures from TotalEnergies and ExxonMobil to propel the Papua LNG project forward. Stressing the project's significance to the nation's economy, Maladina affirmed the commitment of partners, including TotalEnergies, ExxonMobil, Santos, JX Nippon, and Kumul Petroleum, to effectively manage global setbacks.
Former Prime Minister Peter O’Neill raised concerns about potential spending reductions or halts on the Papua LNG Project, citing information from local and international sources. O’Neill noted that TotalEnergies did not include the project in its list of expected final investment decisions for 2024, as per the annual investor seminar.
Responding to these concerns, Maladina urged leaders not to undermine the country's partners, emphasizing that the decision to review the gas agreement in 2019 was a due diligence exercise to ensure transparency in the transfer of Papua LNG resources to TotalEnergies.
In a report by Jubilee Australia, French bank Credit Agricole CIB, the financial adviser for the Papua LNG project, reportedly stated that it would not fund the project. The report called on global financiers to reject funding for Papua LNG, asserting that the project would have adverse effects on climate, biodiversity, and human rights.
Maladina dismissed these claims, citing TotalEnergies' Vice President for Asia Pacific, Thomas Maurisse, who reassured him that funding is on track and should not be a problem. Despite external concerns, TotalEnergies remains committed to advancing the Papua LNG project in collaboration with its partners.
Next : K92 Mining Anticipates Record-Breaking Year in 2024 with Expansive Plans for Kainantu Mine