Santos again extends exclusivity period for PNG LNG stake sale

Australian LNG player Santos has again agreed to extend the exclusivity period for the previously announced PNG LNG deal with Papua New Guinea’s national oil and gas company Kumul Petroleum.

In September last year, Santos received a binding offer from Kumul to buy a 5 percent stake in the PNG LNG project.

The deal has an asset value of $1.4 billion, including a proportionate share of project finance debt of about $0.3 billion.

Santos agreed in December to extend the exclusivity period for the sale until April 30, 2023.

However, Santos said in a statement on Monday that Kumul has now extended the period in which the offer will remain open until August 31, 2023.

Santos has agreed to deal exclusively with Kumul during this period regarding the sale of equity in PNG LNG, it said.

“Kumul has agreed it will work closely with Santos during this extension period in order to assist it in arranging the finalization of its acquisition financing with third parties,” Santos said.

There is also “strong support” from both the government and the joint venture partners for the transaction proceeding, it said.

Santos currently has a 42.5 percent stake in the 6.9 mtpa LNG export plant in Caution Bay following the Oil Search merger, while Kumul has a 16.8 percent stake.

ExxonMobil holds a 33.2 percent operating interest in PNG LNG.

Most Popular

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.

Himalaya’s LNG-fueled bulkers earned $34,500 per day in June

LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $34,500 per day in June.

More News Like This

Santos inks LNG supply deal with QatarEnergy’s trading unit

Australian LNG player Santos has signed a mid-term LNG supply deal with QatarEnergy Trading, a unit of state-owned LNG giant QatarEnergy.

Santos enters exclusive due diligence with Adnoc-led consortium

Australian LNG player Santos has entered into a process and exclusivity agreement with a consortium led by Adnoc's investment unit, XRG, related to the latter's $18.7 billion takeover offer.

Santos: Barossa project in final stages of commissioning

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is now in the final stages of commissioning following the arrival of the BW Opal FPSO at the Barossa gas field.

Santos gets $18.7 billion takeover offer from Adnoc-led consortium

Australian LNG player Santos has received a takeover offer valued at $18.7 billion from a consortium led by Adnoc's investment unit XRG.