LNG

Australian oil giant Santos is targeting a roughly US$27 billion capital spend for its integrated Papua LNG–PNG LNG expansion hub in Papua New Guinea, with up to three-fifths to be covered by debt finance.

The UK government is rescinding its $1.15 billion financial backing for the Mozambique LNG project, citing increased risks, while the Netherlands withdrew $1.1 billion in insurance support. The decisions deal a blow to TotalEnergies efforts to restart construction on the $20 billion project.