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AAP
AAP
Business
Derek Rose

Santos to increase stake in huge $20b PNG gas project

Santos PNG Kevin Gallagher ExxonMobil TotalEnergies
The Papua LNG project is designed to produce 5.6 million tonnes of LNG a year. (Alan Porritt/AAP PHOTOS)

Australia's second-largest oil and gas producer will pay hundreds of millions to increase its stake in a long-delayed $19.5 billion gas project in Papua New Guinea.

Santos is buying the additional 3.3 per cent stake in the Papua LNG project from French energy giant TotalEnergies for $262 million ($US189 million), taking its total interest to 21 per cent.

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