New case study from FF Japan shows Papua LNG Project in violation of ESG standards

Papua LNG is a project aimed at developing the Elk and Antelope gas fields in the Gulf Province of southeastern Papua New Guinea and constructing liquefied natural gas (LNG) production facilities near Port Moresby. At the time of this study by Fair Finance Japan, the project is at the stage of seeking lenders, and the final investment decision (FID) is expected in 2025. The project's ownership structure includes TotalEnergies SE with a 37.55% share, ExxonMobil with 37.04%, Santos with 22.83%, and JX Nippon Oil & Gas Exploration Corporation, a major subsidiary of ENEOS Holdings, Inc., with 2.58%.

This study examined whether the Papua LNG project aligns with international standards for environmental and social considerations and revealed non-compliance with 6 ESG standards; the Paris Agreement, the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), the Equator Principles (EPs), the International Finance Corporation's Performance Standards (IFC PS), the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD Guidelines), and the Japan Bank for International Cooperation's Guidelines for Confirmation of Environmental and Social Considerations (JBIC Guidelines). 

Find out more about the study here (scroll down to the see the summary in English)