Santos to sell US oil and gas assets

Santos Ltd. reported plans to sell its US oil and gas assets as part of a decision to refocus exploration efforts on Australia, Asia, and the Middle East.

Dec. 11, 2006

By OGJ editors
HOUSTON, Dec. 11 -- Santos Ltd. reported plans to sell its US oil and gas assets as part of a decision to refocus exploration efforts on Australia, Asia, and the Middle East.

Santos has exploration and development activities involving more than 180,000 acres in Texas and Colorado. Its US operations produced about 2.1 million boe during 2005.

"Continued high demand for energy in the US has resulted in a strong market for assets in Santos's US business areas, making it a good time to bring this portfolio to the market," Santos said, adding that the decision following a strategic review of its assets.

During 2006, Santos added acreage in Vietnam and expanded its exploration, appraisal, and production activities in Indonesia.