Papua New Guinea: TotalEnergies Announces New Milestone towards Papua LNG Development
July 20 2022 - 2:59AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), as operator, has
announced the decision of the Papua LNG joint venture to launch the
first phase of front-end engineering and design (FEED) studies for
the Papua LNG project's upstream production facilities.
In parallel, studies for the downstream liquefaction facilities
are progressing in line with the overall project schedule, and the
objective is to launch the integrated FEED in the fourth quarter of
2022. The project is targeting a final investment decision (FID)
around the end of 2023, and a start-up at the end of 2027.
“The commencement of upstream FEED studies is another
significant step towards developing the Papua LNG project, which
will increase Papua New Guinea’s LNG export capacity and thus
contribute to its further development," said Julien Pouget,
Senior Vice President Asia Pacific for Exploration & Production
and Renewables at TotalEnergies. "The Papua LNG project is well
positioned to contribute to growth in LNG supply worldwide,
especially for customers in Asia seeking to decarbonize from coal
to gas, in line with our strategy to lower global greenhouse gas
emissions.”
The Papua LNG joint venture is committed to developing a
landmark project in terms of sustainability, biodiversity, and low
carbon emissions. Specifically, the project will incorporate a
carbon capture and storage scheme for the fields' native CO2, which
will be reinjected into the reservoirs.
TotalEnergies, The World’s Third-Largest Low-Carbon LNG
Company
TotalEnergies is the world’s third-largest low-carbon LNG
company, with a global market share of around 10% and a global
portfolio of nearly 50 Mt/y by 2025 thanks to its interests in
liquefaction plants in all geographies. The Company benefits from
an integrated position across the LNG value chain, including
production, transportation, trading, and LNG bunkering.
TotalEnergies ambition is to increase the share of natural gas in
its sales mix to 50% by 2030, reduce the gas value chain’s carbon
emissions, eliminate methane emissions, and work with local
partners to promote the transition from coal to natural gas.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
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Commission (SEC).
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