Kumul adds to PNG LNG interest

PAPUA New Guinea continues to increase its stakes in the country’s previously privately held resource projects with state entity Kumul Petroleum taking an additional 5% interest in PNG LNG.
Kumul adds to PNG LNG interest Kumul adds to PNG LNG interest Kumul adds to PNG LNG interest Kumul adds to PNG LNG interest Kumul adds to PNG LNG interest

Staff Reporter

Santos said this week that it had received a binding conditional offer from Kumul for asset value of $1.4 billion, including a proportionate share of project finance debt of about $0.3 billion.
 
The Central Province PNG LNG project is operated by ExxonMobil PNG.
 
Santos said to secure the offer, Kumul paid $55 million to Santos which will be held in escrow to be released to Santos as a deposit for part payment of the offer price if it accepts the offer.
 
"The potential sale would increase the equity interest of the state to about 22%, supporting the  PNG government objectives for the people of PNG to have a greater equity interest in the development of their natural resources," Santos said in its statment.
 
The full statement from Santos may be found at this address: https://bit.ly/3Eh6oOn
 

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