Australia's Santos acquires additional 3.3% interest in Papua LNG
Santos, a subsidiary of Australia's Santos Group, announced on Monday that it had purchased an additional 3.3% stake in 'the Papua 'LNG project' from TotalEnergies in France for $189m. This brings its total interest to 21%.
After the State back-in, it is estimated that this acquisition will increase Santos' equity liquefied gas?production at Papua LNG?by about 19%. This would bring?it up to approximately 1.2 million tonnes of liquefied gas per annum? (Mtpa).
TotalEnergies also transferred the operatorship of Papua LNG -project to ExxonMobil’s local arm – while reducing its equity stake in favour of joint venture partners.
Santos said that ExxonMobil’s combined operatorship over Papua LNG, and the adjacent PNG LNG Project is expected to improve operational?synergies' and bolster project implementation.
The completion of Santos’ acquisition is subject to a final 'investment decision' on the Papua LNG Project, scheduled for the 4th quarter of 2026.
After the 'deals', TotalEnergies will have its participating interest?fall from 29.1% down to 20%. ExxonMobil's stake will?rise from 28,7% up to 34.1%.
(source: Reuters)
