Papua New Guinea’s national oil and gas company Kumul Petroleum has made a binding bid to buy an additional 5 per cent stake in the PNG LNG project from Australia’s Santos, Street Talk can reveal.
The offer, which is subject to joint venture approvals, will cost Kumul $US1.4 billion ($2.1 billion) including project finance debt, sources said, with the proceeds to flow to Santos.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
