Santos subsidiary Barracuda has signed a sale agreement with NGE subsidiary Kirkland to buy the onshore licence in western Papua New Guinea.
The permit area is near the PNG liquefied natural gas project which is set to come on stream next year. Santos is a partner in the project.
Under the terms of the agreement, Santos will pay $32 million cash on completion of the sale and another $2 million if a petroleum retention licence is granted for the permit.
Another
