In September 2026, TotalEnergies announced it was selling a 9.1% stake to the Papua LNG project’s JV partners. Santos signed the binding agreement to acquire a 3.3% stake in Papua LNG for ~US$189 million, giving the company an overall 21% stake. TotalEnergies has also transferred operatorship to Exxon, along with a 5.4% stake. The remaining stake was acquired by ENEOS Xplora (0.4%). Kumul Petroleum Holdings, together with the Mineral Resources Development Company, part of the Papua New Guinea (PNG) State, holds a combined 22.5%, which remains unchanged.