By Rhiannon Hoyle
Santos Ltd. said it has received a binding conditional offer from Papua New Guinea’s national oil and gas company, Kumul Petroleum Holdings Ltd., to buy a 5% interest in PNG LNG for $1.4 billion.
The offer from Kumul, an existing partner in the PNG LNG development, includes project finance debt of roughly $300 million.
Santos said Kumul has paid $55 million into escrow to secure the offer, which will remain open until Dec. 31 and is conditional on Kumul obtaining waivers on some pre-emptive rights by other project partners.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
