Australia’s Santos eyes $2bn-3bn in oil asset sales

Australia’s Santos eyes $2bn-3bn in oil asset sales

Sydney, 16 February (Argus) — Australian independent Santos is eyeing $2bn-3bn in asset sales involving its interests in the 6.9mn t/yr PNG LNG venture in Papua New Guinea (PNG), the Dorado oil project offshore Western Australia and Pikka oil project in Alaska.

Santos previously indicated plans to reduce its stakes in these three assets, but did not give a value on the fund proceeds it expected to raise from the asset sales.

It increased its stake in PNG LNG to 42.5pc from 13.5pc through a A$22bn ($15.7bn) merger with Oil Search and previously indicated it was willing to sell 10-15pc of the venture.