Deal Insight
Santos sells its non-core Asian portfolio to Ophir for US$205m
Report summary
On 3 May 2018, Santos sold its non-core Asian upstream assets to Ophir Energy for US$205 million. The deal includes ~13,500 boe/d of production and 21.2 mmboe of 2P reserves from assets in Vietnam (Block 12W) and Indonesia (Sampang, Madura offshore). Exploration assets in Vietnam, Malaysia and Bangladesh are also included. We view this deal as a win-win for both Santos and Ophir. Santos had deprioritized development spending in Asia from 2016, after deeming the region non-core. Following its exit (Santos is planning a separate sales process in the North West Natuna PSC), Santos will concentrate on its core competencies, becoming a more focused LNG player. Ophir, meanwhile, will leverage the opportunity to showcase its expertise in developing mid to late-life assets that fell off the seller's list of priorities.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Vietnam
- Indonesia
- Deal analysis
- Upsides and risks
-
Strategic rationale
- Santos
- Ophir
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Executive summary: 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
- Upstream assets: Table 1
What's included
This report contains:
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