Australia’s Santos Ltd. has entered into a binding agreement to sell a 2.6 percent participating interest in PNG LNG to Papua New Guinea’s Kumul Petroleum Holdings Ltd. for $576 million in cash and the assumption of approximately $160 million of project finance debt, the two companies said.
Papua New Guinea’s Kumul Petroleum still has its sights on acquiring further equity in the ExxonMobil-operated PNG LNG project from largest shareholder Santos, again extending the deadline to complete the $1.4 billion deal as it has yet to secure the necessary financing.