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Santos invests $271 million in Papua New Guinea Natural Gas

17/05/2019
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Australian Oil & Gas producer, Santos Ltd. are boosting their presence in Papua New Guinea through the acquisition of interest in the P’nyang natural gas field for AUD$271 million (USD$187 million).

The investment in the P'nyang field will aid and give Santos a stake in the Papua New Guinea LNG expansion
(Image via Metra)

The company signed a binding letter of intent to acquire a 14.3% stake in a petroleum retention licence 3. The acquisition will see current partners’ stakes drop - with ExxonMobil falling from 48.99% to 36.86%, Oil Search from 38.51% to 36.86% and JX Nippon from 12.50% to 11.96%. 

The investment will boost plans for an expansion of the Papua New Guinea LNG project, with the field intended to help supply new capacity.

“The arrangements we announce today mark an important step towards the proposed expansion at the PNG LNG plant via a 2.8 million mt/year third LNG train fed by existing project resource and P’nyang,” said Santos’ managing director and CEO, Kevin Gallagher.

“We look forward to working with the PNG government, our partners and landowners to make expansion at PNG LNG a reality.”

Location of Santos's interest in the PNG LNG plant expansion
(Image via Santos)

The agreement is subject to an arrangement between the parties on entry into FEED for the PNG LNG plant expansion. 

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Santos invests $271 million in Papua New Guinea Natural Gas - Time to read 2 min
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