Deal Insight

Santos sells its 35% interest in the Kipper gas field to Mitsui & Co for US$366 million

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29 November 2015

Santos sells its 35% interest in the Kipper gas field to Mitsui & Co for US$366 million

Report summary

The Kipper field, located in the Gippsland Basin, has been plagued by cost increases and schedule delays but is now ready to start up in 2016. We value Santos' interest in Kipper at US$374 million. The deal comes as part of a broader US$2.5 billion capital initiative. The combined measures allow Santos to stabilise its financial position without selling any of its core assets, such as its 13.5% stake in PNG LNG. We forecast Santos' gearing will fall to 28%, from 47% in Q2 2015.

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

    Santos sells its 35% interest in the Kipper gas field to Mitsui & Co for US$366 million

    PDF 289.05 KB

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