News: OSH Australia's Santos buys into Exxon-led PNG nat gas venture for $187 mln

May 16 (Reuters) - Gas producer Santos Ltd (STO) said on Thursday it will buy a 14.3 percent stake in the Petroleum Retention License 3 Joint Venture (PRL 3) for $187 million, as part of expansion efforts at the PNG LNG project in Papua New Guinea.

ExxonMobil XOM.N , the largest holder in the venture has agreed to sell down its holding in the P'nyang gas field in Papua New Guinea to Santos, giving the Australian company a stake in the field to help smooth the way for an expansion of Exxon's PNG LNG project.