12 More Banks Withdraw Financing for $15 Billion Papua New Guinea LNG Project
Twelve additional banks have joined the commitment not to finance a $15 billion liquefied natural gas project in Papua New Guinea, previously backed by major banks including Commonwealth Bank and ANZ. The project, led by TotalEnergies with significant stakes from Santos and ExxonMobil, has faced increasing scrutiny over environmental risks. A final investment decision is now expected in late 2026.
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Twelve banks have pledged not to finance a $15 billion liquefied natural gas project in Papua New Guinea, joining fifteen banks including Commonwealth Bank and ANZ. TotalEnergies leads the project, which would be the second-largest in PNG, with Santos holding a 22.8% interest and ExxonMobil 37.1%.
The project aims to liquefy four million tonnes of gas annually. A final investment decision has been delayed until late 2026. Environmental activists warn of its negative impact on the local environment and social standards.
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