not sure if your sums are fully correct here. They are proposing...

not sure if your sums are fully correct here. They are proposing PRL would get $100m net. that implies the cost of operations is $1.6bn (and most of that feed in electricity cost) that all goes to total. Essentially Total would get $3-3.3bn of revenue for $26.5bn...assuming minimal operation costs that is a 10-12.5% ROIC and would be q pretty acceptable return (depending on thier cost of capital). The bigger concern on that arrangement in my mind is a pretty low return on the $2.5bn that PRL stump up for a measly $100m pa net. <5% ROIC.

The question in the economics will be, what is the electricity cost to the downstream business and how are profits shared between electricity vs H2. it makes great sense for total. They will have a monopoly to the electricity feed into the electrolysers. Thier objective will be to have most of the profit sit within the electricity feed and not in the H2. PRLs objective will be to get a reasonable contract price on electricity feed and run the electrolysers as efficiently as possible (which is the elephant in the scoping study, they aren't currently efficient enough for the economics to stack up, But they have 5 years to get there based on the scoping study)