Santos, an independent oil and gas producer in the Asia-Pacific region, has completed a sale of its interest in the Kipper gas field, offshore Australia.
Santos announced in November 2015 the sale of its 35% non-operated interest in the Kipper gas field, located in the Gippsland Basin, offshore Victoria to Mitsui E&P Australia for A$520 million in cash.
Santos said on Wednesday the company has now received the sale proceeds from Mitsui.
The Kipper field is operated by ExxonMobil. Production of gas, condensate and LPG is expected to start in 2016, and the products are planned to be supplied to domestic market.
Kipper will be developed as a subsea tie-back to existing processing facilities owned by the Gippsland Basin Joint Venture, and from there the gas will be transported via the existing West Tuna platform for processing at the onshore Longford gas plant.