Santos is considering a $US1.4 billion ($2.16 billion) bid for a 5 per cent stake in PNG LNG project from Papua New Guinea’s national oil and gas company Kumul Petroleum

Street Talk on Monday exclusively revealed the bid, which includes a proportionate share of project finance debt of approximately $US300 million, and Santos confirmed the offer which would see the company reduce its stake in PNG LNG to 37.5 per cent.