Santos extends exclusivity period for PNG LNG stake sale

Australian LNG player Santos said it had 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, 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 said at the time the offer would remain open for acceptance until December 31, 2022.

However, in a statement on Friday Santos said that Kumul had advised the firm it had now extended the period in which the offer would remain open until April 30, 2023.

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

According to a report by Reuters, Kumul in talks with Australia’s export credit agency to help fund the acquisition of the project.

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

Eni: third phase of YPF’s Argentina LNG project requires $20 billion investment

The third phase of YPF's Argentina LNG export project would require an investment of about $20 billion, according to Eni’s COO of global natural resources, Guido Brusco.

Wison scores Suriname FLNG gig

China’s Wison New Energies has signed a detailed feasibility study deal for a newbuild floating liquefied natural gas (FLNG) facility in Suriname's offshore Block 52.

Venture Global to introduce gas to tenth Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the tenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

More News Like This

Santos: PNG LNG shipped 28 cargoes in Q1

The ExxonMobil-operated PNG LNG project in Papua New Guinea shipped 28 cargoes of liquefied natural gas in the first quarter of 2025, up by one cargo compared to the same quarter last year and one cargo less compared to the prior quarter, according to shareholder Australia’s Santos.

Santos: Barossa project 95.2 percent complete

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is 95.2 percent complete and remains on target for first production in the third quarter of 2025, Santos said on Thursday.

Santos says Barossa project 91 percent complete

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is 91 percent complete and remains on target for first production in the third quarter of 2025, Santos said on Wednesday.

TotalEnergies CEO says partners working hard on Papua LNG

TotalEnergies has a 37.55 percent operating stake in the Papua LNG project, ExxonMobil has 37.04 percent, Santos owns a...