Santos completes PNG LNG stake sale, reiterates guidance
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The news: Energy giant Santos has completed the sale of a 2.6% interest in PNG LNG to Papua New Guinea's national oil company Kumul Petroleum.
The numbers: Santos has received the final payment of USD241 million ($366 million), taking the total cash consideration to USD602 million. Kumul will also assume approximately USD90 million of existing project finance debt associated with the sale interest.
Santos' working interest in PNG LNG, which is operated by ExxonMobil, is now 39.9%.
The context: The deal, first announced last year, is part of the arrangement agreed with the Papua New Guinea government when Santos bought ASX-listed rival Oil Search in 2021.
Santos said there is no change to its 2024 market guidance following the transaction.
The source: ASX announcement
