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selldown

Asia

Blow for Santos as China’s ENN exits

Santos said today that its largest shareholder had sold about one third of its stake worth A$785 million ($603.7 million) in the Australian gas producer. This ends a strategic relationship with ENN Group, which is one of the largest gas distributors in China.

Oil & Gas

Oil Search eyes selldown of promising $3bn Alaska oil project

Oil Search will start a 15% selldown process for its proposed 80,000 barrels of oil per day Pikka low emissions oil project in Alaska by April. Phase 1 of Pikka is expected to cost about $3 billion and produce oil at a break-even cost of supply less than $40 per barrel Brent, inclusive of a 10% return, reckons the Australian-based company.