Kumul Completes Acquisition of Santos' PNG LNG Stake, Expanding Energy Portfolio

Deal Follows Chevron's Sale of PNG LNG Interest to Kumul Petroleum

Port Moresby, Papua New Guinea – Kumul Petroleum Holdings Limited (Kumul) has finalized the acquisition of Santos' 13.5% stake in the PNG LNG project, marking a significant milestone in the company's expansion strategy. The deal comes on the heels of Chevron's recent sale of its 22.8% interest in the project, which was acquired by Kumul in December 2022.

Strategic Acquisition Strengthens Kumul's Energy Footprint

With the completion of the Santos acquisition, Kumul now holds a 43% stake in the PNG LNG project, bolstering its position as a key player in Papua New Guinea's energy sector. The deal aligns with the company's long-term strategy to enhance the country's participation in the LNG industry and drive economic growth.

The PNG LNG project, operated by ExxonMobil PNG Limited, is one of the world's largest liquefied natural gas (LNG) export facilities. The project harnesses natural gas from the Elk and Antelope fields in the Southern Highlands of Papua New Guinea and processes it into LNG for export to global markets.