Santos Boosts Interest in Papua LNG with $189 Million Acquisition

Santos, an Australian natural gas supplier, is increasing its interest in the Papua LNG project. The company has agreed to acquire an additional 3.3% participating interest (post-State back-in) in PRL15 and the Papua LNG project from TotalEnergies for approximately US$189 million.

The acquisition will increase Santos' participating interest in Papua LNG to 21% (post-State back-in). It is expected to boost Santos' equity LNG production from Papua LNG by around 19% to approximately 1.2 Mtpa.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said the proposed acquisition better aligns Santos' interests across PNG LNG and Papua LNG ahead of planned FID for Papua LNG later this year.