Santos Completes Sale of 35% Stake in Kipper Field Off Australia to Mitsui

Santos Ltd. reported Thursday that the sale of a 35 percent non-operating stake in the Kipper gas field in the Gippsland Basin offshore Victoria, Australia to Mitsui E&P Australia Pty Ltd., announced in November 2015, has been completed.

"Santos advises that the sale has been completed and it has received the sale proceeds from Mitsui," the company said in a press release.

Mitsui E&P Australia, a unit of Japan's Mitsui & Co., Ltd., paid $358.2 million (AUD 520 million) in cash to Santos to complete the acquisition of the gas and condensate field. Other partners in the Kipper development are field operator Exxon Mobil Corp. and BHP Billiton Ltd., each holding a 32.5 percent interest.