Papua New Guinea state-owned Kumul Petroleum has again delayed a deal to buy a 5% stake in the PNG liquefied natural gas (LNG) project from Santos Ltd , now to the end of August, to line up funding, the Australian company and PNG prime minister said on Monday.
The logo of Australian oil and gas producer Santos Ltd is pictured in Sydney February 15, 2016. REUTERS/Jason Reed
May 1 - Papua New Guinea state-owned Kumul Petroleum has again delayed a deal to buy a 5% stake in the PNG liquefied natural gas project from Santos Ltd , now to the end of August, to line up funding, the Australian company and PNG prime minister said on Monday.April 30Santos said it would work closely with Kumul during the extension period to help it finalise financing with third parties.
"While the PNG project is a very valuable asset and Santos' balance sheet is strong, Santos remains committed to selling five per cent equity in the project to support the PNG government to achieve the nation's equity objectives," Santos CEO Kevin Gallagher said in a statement."Given the volatility in the financial markets and high interest rate environment, I support Kumul's request for a time extension to complete the transaction," Marape said.
Santos' acquisition of Oil Search in 2021 made it the largest shareholder in PNG LNG, considered one of the world's lowest cost LNG producers. If the sale goes through, Santos will remain the top stakeholder with a 37.5% interest.
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