Kumul Petroleum to acquire an additional 5% stake in PNG LNG project from Santos for $1.4bn.

Kumul Petroleum, Papua New Guinea’s national oil and gas company, offered to acquire an additional 5% stake in PNG LNG project from Santos, an Australian oil and gas exploration and production company, for $1.4bn. The potential sale would increase the equity interest of the State to approximately 22% supporting the PNG government objectives for the people of PNG to have a greater equity interest in the development of their natural resources.