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UPDATE 1-Australia's Santos selling gas projects - report
May 21, 2009 / 2:33 AM / 8 years ago

UPDATE 1-Australia's Santos selling gas projects - report

* Santos puts 4 offshore gas projects up for sale -paper

* Report says projects worth several hundred million dollars (Adds details, background)

SYDNEY, May 21 (Reuters) - Australian oil and gas firm Santos Ltd (STO.AX) has put four offshore Australian gas projects up for sale as it seeks to focus on other liquefied natural gas (LNG) projects, the Australian Financial Review reported on Thursday.

Citing industry sources, the paper said several indicative offers for the projects, worth in total several hundred million dollars, had been received, with final bids due in early June.

The projects on sale are the Evans Shoal, Petrel, Tern and Frigate assets off Darwin, the paper said. Citigroup (C.N) is advising Santos on the sales.

Santos declined to comment on the report.

The Adelaide-based company, which is looking to raise up to A$3 billion ($2.34 billion) to pay down debt and fund its share of a LNG project, said last week it was looking to monetise some non-producing gas assets in the Timor Sea.

The paper said likely bidders included Italian energy firm Eni (ENI.MI), ConocoPhillips (COP.N), Royal Dutch Shell (RDSa.L) and Japan’s Inpex (1605.T), along with several Chinese companies. ($1=1.285 Australian Dollar) (Additional reporting by Fayen Wong; Editing by Mark Bendeich) (Reporting by Jonathan Standing; Editing by Mark Bendeich)

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