May 16, 2019 / 12:09 AM / a year ago

Australia's Santos buys into Exxon-led PNG nat gas venture for $187 mln

May 16 (Reuters) - Gas producer Santos Ltd said on Thursday it will buy a 14.3 percent stake in the Petroleum Retention License 3 Joint Venture (PRL 3) for $187 million, as part of expansion efforts at the PNG LNG project in Papua New Guinea.

ExxonMobil, the largest holder in the venture has agreed to sell down its holding in the P'nyang gas field in Papua New Guinea to Santos, giving the Australian company a stake in the field to help smooth the way for an expansion of Exxon's PNG LNG project.

Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin

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