Santos buys additional stake in Papua LNG project
Santos has agreed to acquire an additional 3.3% participating interest in Petroleum Retention Licence 15 and Papua LNG from TotalEnergies for about $189 million, lifting its stake to 21% after Papua New Guinea exercises its back-in rights. The purchase would increase Santos' Papua LNG output share by roughly 19%, to about 1.2 million tonnes per year, and is conditional on regulatory approvals and a final investment decision expected in the fourth quarter of 2026. The deal is part of a wider ownership reshuffle that makes ExxonMobil the operator and follows project redesign and roughly $4 billion of reported cost savings.
Santos increases its Papua LNG stake by 3.3% for $189 million
Context
TotalEnergies and partners redesigned Papua LNG after initial bids proved unviable. ExxonMobil will take operatorship and partners adjusted ownership shares. If approvals and the FID go ahead, the project could move into construction with…
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