Total remains committed to project

Business

TOTAL E&P PNG Ltd (Total) says the company is committed to delivering the Papua LNG project in Gulf.
The company was responding to a query by The National on whether its plans would be affected by the decision of Court of Appeal of Yukon to overturn the Supreme Court’s approval of the pending transaction with ExxonMobil Corporation.
Managing director Philippe Blanchard said Total remained committed to delivering the Papua LNG Project.
“Our activities are ongoing and we will not change our plans,” he said.
“Clearly it is important that the JV (joint venture) has stable partnerships in place to take all the key decisions that are needed.”
He said if the dispute continued over an extended period, it had the potential to have an impact.
He said the impact could be varied and until they got a clearer picture of the potential “time period”, they must be “general”.
Total is the operator of the Elk and Antelope fields (Papua LNG project).
It remains the largest shareholder in petroleum retention license (PRL) 15 with a 31.1 per cent interest.
The partners are Oil Search (17.7 per cent) and InterOil (28.3 per cent), with the Government back-in right of 22.5 per cent.
According to the company’s website, Total, as operator of PRL15, is committed to cooperating with the PNG LNG project to maximise the value of the Elk and Antelope fields for the benefit of the country and the shareholders of PRL-15.
TOTAL E&P PNG Ltd (Total) operate onshore Block PRL-15 with a 40.1 per cent interest.
It is located in the Gulf of Papua, the block includes the major Elk and Antelope.

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