Santos sells stake in Kipper gas field

The Kipper Tuna Turrum Project in Victoria's Bass Strait. Source: ExxonMobil Australia.

The Kipper Tuna Turrum Project in Victoria's Bass Strait. Source: ExxonMobil Australia.

Santos has completed that sale of its 35 per cent stake in the Kipper gas field – located in the Gippsland Basin, offshore Victoria.

Announced in November 2015, the sale of the 35 per cent stake to Japanese oil and gas giants Mitsui has been confirmed for $520 million in cash.

Mitsui’s local subsidiary, Mitsui E&P Australia, struck the deal with Santos.

The Kipper asset is also due to start production this year.

The Kipper gas field is part of the Esso Australia-operated Kipper Tuna Turrum Project.

Discovered in 1999, the Kipper Gas field is estimated to contain approximately 620 Bcf of recoverable gas and 30 MMbbl of condensate/liquid petroleum gas (LPG).

The field is located in 100 m of water, approximately 45 km south of Marlo, Victoria.

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