SANTOS and ConocoPhillips have agreed a deal worth up to $520 million to sell a minority stake in the Caldita and Barossa gas discoveries offshore Australia to SK E&S, an unlisted gas unit of South Korea's SK Group.
The deal involves SK E&S purchasing a 37.5 per cent interest in the two fields in the Timor Sea, with an option to buy an additional 12 per cent stake following the drilling of three appraisal wells.
It means Santos and ConocoPhillips will reduce their stakes initially to 25 per cent and 37.5 per cent, respectively.
In a statement today, Santos said the project partners expected to begin front-end engineering and design, or FEED, work in 2014. This planning work was important because it enabled companies to get a clearer view on how much projects would cost to build and whether they would be feasible.
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The Australian
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