Papua New Guinea Prime Minister James Marape on a visit to Australia
Rising costs delay Papua LNG FID
But there is still plenty of appetite for the country’s LNG in the Asia-Pacific region
TotalEnergies has pushed back FID for its 6mt/yr Papua LNG project, citing increased costs. But the French major stressed it remains committed to the development. “FID is now expected in 2025,” a joint statement from TotalEnergies and the government of Papua New Guinea stated. TotalEnergies and the consortium partners made the decision after receiving the first EPC offers for the project, saying that they “will need to keep working with contractors to obtain commercially viable EPC contracts” and that the development “requires more work to reach FID”. As a result, the developers “will review the structure of some packages and open the competition to an enlarged panel of Asian contractors
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
