Santos Completes Sale of 2.6% Stake in PNG Project

MT Newswires Live11-04

Santos (ASX:STO) completed the sale of its 2.6% interest in the PNG liquefied natural gas project to Kumul Petroleum upon the receipt of the final payment of $241 million, according to a Monday filing with the Australian bourse.

Kumul will assume about $90 million of existing project finance debt associated with the sale interest following the transaction, with Santos' working interest in the project now at 39.9%, the filing said.

The oil and gas producer's market guidance for 2024 remains unchanged, according to the filing. It expects to produce 84 million to 90 million barrels of oil equivalent and sell 87 million to 93 million barrels of oil equivalent for the year, an earlier filing showed.

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