The deal will see Santos take up an interest of between 10% and 15% in the field, according to The Australian Financial Review.
The P'nyang field is a proposed feedstock source for an expansion train at the PNG LNG project, in which Santos is a co-owner.
The field sits contains more than 2 trillion cubic feet of gas and sits in Block PRL 3; it is owned by operator ExxonMobil (49%), Oil Search (38.5%)
