TotalEnergies sells stake in Papua LNG project to partners
TotalEnergies announced it will sell a 9.1% stake in the Papua LNG project to its partners, retaining a 20% share. Santos acquired an additional 3.3% for $189 million, raising its total to 21%. ExxonMobil will operate the project, and the partners' shares are now ExxonMobil 34.1%, Kumul Petroleum and MRDC 22.5%, Santos 21.0%, TotalEnergies 20%, and ENEOS Xplora 2.4%.
Why it matters: This transaction affects global LNG supply dynamics and investment decisions in the energy sector.