Reuters: Mergers News: UPDATE 1-SK to buy $310 mln stake in Australia gas field

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UPDATE 1-SK to buy $310 mln stake in Australia gas field Jun 7th 2012, 04:07 Thu Jun 7, 2012 12:07am EDT SEOUL, June 7 (Reuters) - South Korean conglomerate SK Group said on Thursday its unit has agreed to buy a 37.5 percent stake worth $310 million in an Australian gas field from ConocoPhillips and Santos Ltd to help it secure liquefied natural gas (LNG) supplies. South Korea, the world's No.2 LNG buyer and No.5 crude oil importer, has been boosting overseas resource development as it, like its peers, grapples with costlier energy. South Korea, Asia's fourth-biggest economy, relies on imports for all of its LNG needs, importing 3.11 million tonnes last year. U.S. oil major ConocoPhillips and Australian oil and gas producer Santos Ltd previously held a 60 percent and a 40 percent stake, respectively, in the Barossa-Caldita field, off northern Australia. ConocoPhillips and Santos Ltd will hold a 37.5 percent and a 25 percent stake, respectively, as a result of the deal with SK E&S, an unlisted gas and power arm of SK. SK E&S has an option to further increase its stake in the gas field by 12 percent to 49.5 percent, which could increase its total investment to $520 million. SK said JP Morgan and Norton Rose were among its advisers for the deal.

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