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Santos to Lift Papua LNG Stake to 21%

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Santos (ASX:STO) agreed to acquire an additional 3.3% participating interest in the Papua liquefied natural gas (LNG) project from TotalEnergies for around $189 million, raising its stake to 21% and its expected equity LNG production to about 1.2 million tonnes per year, according to an Australian bourse filing on Monday after market hours.

The deal, effective Jan. 1, is subject to regulatory approvals and the project reaching a final investment decision, which is targeted for the fourth quarter, per the filing.

Meanwhile, TotalEnergies will transfer operatorship to ExxonMobil PNG Antelope, which Santos expects will create operational synergies with ExxonMobil's existing Papua New Guinea LNG operations and support project execution, the filing said.

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