LNG

Dec 23 (LNGJ) - Santos, the largest shareholder in the Papua New Guinea LNG project operated by ExxonMobil, has extended its pre-emptive rights period for PNG company Kumul Petroleum Holdings to acquire a 5 percent interest from Santos in PNG LNG for an asset value of US$1.4 billion.

   “Kumul has advised Santos it has now extended the period in which the offer will remain open until 30 April 2023,” said Santos. The offer was previously open for acceptance until 31st of December 2022.

Australian LNG operator Santos, the buyer of the ConocoPhillips Darwin LNG stake and other US-owned assets in Australia’s Northern Territory, said the acquisition was a great boost for the Adelaide-based company as it posted a rise in third-quarter revenues.