The Independent Consumer and Competition Commission (“ICCC”) has received an Application for Clearance from TotalEnergies EP Kundu Limited (“TEP Kundu”), for its proposed acquisition of 50 percent (50%) interest in the Petroleum Prospecting Licence 576 (“PPL 576”) from its related company TotalEnergies EP PNG Limited (“TEP PNG”) (the “Proposed Acquisition”).
ICCC Commissioner and Chief Executive Officer, Mr. Paulus Ain said TEP PNG has notified the ICCC to withdraw its application on the same transaction (which was the subject of a similar public consultation late last year). The ICCC has since accepted this request. Stakeholders should not confuse this application with the previous application and that a determination was not made by the ICCC as the Application was withdrawn.
TEP Kundu was recently incorporated, and it does not hold any interests in other petroleum licenses or assets, but it will focus on gas exploration and production following the proposed transaction. TEP PNG is primarily engaged in gas exploration and production, and is the current operator of the Papua LNG Project. They are both wholly owned subsidiaries of TotalEnergies SE, a global energy company based in Courbevoie, France.
“Therefore, the proposed transaction is an internal reorganization within the TotalEnergies SE Group for the interest held in PPL 576.” Mr. Ain said.
ICCC is inviting relevant stakeholders and the general public who may have an interest in the application to provide comments and submissions outlining the likely pro and anti-competitive effects this Proposed Transaction may have on the oil and gas industry in PNG. The consultation process enables the ICCC to test publicly the applicant’s claims with regard to the potential competition effects that are likely to result from the proposed transaction.
“Whilst a determination on the first Application has not been given as the Application was withdrawn, the ICCC advises that stakeholder comments received on that application remain valid for the consideration of this fresh application. However, stakeholders are welcome to submit any new comments, should there be any,” Mr. Ain said.
All comments and submissions should reach the ICCC by or before 24th February 2025.
All queries relating to this matter should be directed to Mr. Steven Sugl, Executive Manager – Competition Law Enforcement Division on telephone 312 4640 or e-mail to: ssugl@iccc.gov.pg.