Total Signs a Memorandum of Understanding with the State of Papua New Guinea on the Key Terms of the Gas Agreement of the Pap...
16 Novembre 2018 - 08:31AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and its partners
ExxonMobil and Oil Search have signed a Memorandum of Understanding
(MoU) with the Independent State of Papua New Guinea defining the
key terms of the Gas Agreement for the Papua LNG Project.
The MoU was signed during the Asia Pacific Economic Conference
(APEC) in Port Moresby, in presence of Peter O’Neill, Prime
Minister of Papua New Guinea, and Patrick Pouyanné, Chairman and
CEO of Total. The proposed Gas Agreement is expected to be
finalized by Q1 2019.
Total is the operator of the Elk and Antelope onshore fields and
is the largest shareholder in PRL-15 with a 31.1% interest,
alongside partners ExxonMobil (28.3%) and Oil Search (17.7%), post
the State back-in right of 22.5%.
The Papua LNG Project will encompass two LNG trains of 2.7 MTPA
each and will be developed in synergy with the existing PNG LNG
project facilities. Total and its partners have agreed to launch
the first phase of the engineering studies of this project.
“The MoU signed by the State of PNG and the partners of the
Papua LNG project is an important step in all the parties'
commitment to the project”, said Patrick Pouyanné, Chairman and CEO
of Total. “Investing in LNG is a long term enterprise and our
objective is to be able to make the project as competitive as
possible. Total being the second-largest world private LNG player,
we are fully committed to the success of the Papua LNG project,
which benefits from a favorable geographical location close to
Asian markets.”
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary noteThis press release, from which no legal
consequences may be drawn, is for information purposes only. The
entities in which TOTAL S.A. directly or indirectly owns
investments are separate legal entities. TOTAL S.A. has no
liability for their acts or omissions. In this document, the terms
“Total” and “Total Group” are sometimes used for convenience where
general references are made to TOTAL S.A. and/or its subsidiaries.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. This
document may contain forward-looking information and statements
that are based on a number of economic data and assumptions made in
a given economic, competitive and regulatory environment. They may
prove to be inaccurate in the future and are subject to a number of
risk factors. Neither TOTAL S.A. nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise.
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