Total Buys Santos LNG Project Stake for $790 Million
This article is for subscribers only.
Total SA, Europe’s third-largest oil producer, agreed to acquire 20 percent of Santos Ltd.’s proposed liquefied natural gas project in Australia’s Queensland state for more than A$860 million ($790 million).
The transaction marks Total’s first “major” investment in an LNG venture that relies on unconventional gas resources, Adelaide-based Santos said in a statement today. The Paris-based company gains a stake in one of more than a dozen proposed LNG developments in Australia targeting Asian demand for cleaner-burning alternatives to coal and oil.