a sign for santos ltd is displayed on the front of the companys office building in the rural township of gunnedah located in northwestern new south wales in australia march 9 2018 reutersdavid gray melbourne sept 26 reuters  santos ltd stoax has agreed to sell a 5 stake in png lng to papua new guineas stateowned kumul petroleum for 11 billion in a deal to be announced on tuesday the australian financial review reported late on monday santos declined to confirm the report kumul petroleum could not be reached outside office hours santos said in august it expected to reap proceeds from the sale of a 5 stake in png lng in line with market consensus valuation which was around 15 billion there had been some speculation that santos was under pressure to give away 5 of png lng to kumul petroleum but santos chief executive kevin gallagher told reuters in august whoever is going to get 5 off us will pay the market value  or we wouldnt sell it santos became the largest shareholder in png lng papua new guineas largest resource project with its takeover of oil search last year with the selldown of 5 santos will own 375 still ahead of exxon mobil corp xomn the operator with 332 kumul petroleum will own 218 the remainder is owned by a unit of japans jx holdings inc and png stateowned mineral resources development co the png lng stake was one of three assets australias no2 independent gas producer put up for sale this year aiming to raise up to 3 billion however it pulled the sale of a stake in the pikka oil project in alaska after failing to find a buyer at the right price plans to sell a stake in the dorado oil project in australia are on hold as santos indefinitely delayed final approval for the development