What is the financial value and strategic impact of Santos' acquisition of an additional 3.3% stake in the Papua LNG project?

Santos acquired an additional 3.3% stake in the Papua LNG project from TotalEnergies for $189 million, increasing its total interest to 21%. This acquisition is expected to boost Santos' equity liquefied natural gas production from the project by about 19%, bringing it to approximately 1.2 million tonnes per annum (Mtpa) on a post-State back-in basis.

How does the change in operatorship and equity stakes among joint venture partners affect the Papua LNG project's governance and execution outlook?

TotalEnergies transferred operatorship of the Papua LNG project to ExxonMobil's local arm while reducing its equity stake from 29.1% to 20%; ExxonMobil's stake rises from 28.7% to 34.1%, and ENEOS Xplora's increases from 2% to 2.4%. Santos stated that ExxonMobil's combined operatorship of Papua LNG and the adjacent PNG LNG project is anticipated to enhance operational synergies and bolster project execution.

Australia's Santos Acquires Additional 3.3% Interest in Papua LNG

Sep 7, 2026

Australia's Santos acquired an additional 3.3% stake in the Papua LNG project from TotalEnergies for $189 million, raising its total interest to 21%. The deal is expected to boost equity LNG production by about 19% pending a final investment decision in 2026.

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Australia's Santos Acquires Additional 3.3% Interest in Papua LNG

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