Santos has agreed to acquire an additional 3.3% participating interest in the Papua LNG project from TotalEnergies for approximately $189 million, increasing its stake to 21% after the Papua New Guinea state exercises its back-in rights. As part of a broader restructuring, ExxonMobil will take over operatorship of the major liquefied natural gas project from TotalEnergies. TotalEnergies will retain a 20% interest, while ExxonMobil will hold 34.1% and become operator. The project's estimated capital expenditure has been reduced to around $14 billion, following nearly $4 billion in cost savings since 2024. Santos expects the acquisition to increase its share of LNG production from Papua LNG by about 19%, to approximately 1.2 million tonnes per year. The transaction is conditional on regulatory approvals and a final investment decision, expected in Q4 2026.