CESFL, the operator of the Sangu gas field, holds a 37.50% interest in the producing Sangu gas field, offshore Bangladesh, and a 50% interest in Block 16 exploration acreage.
Santos will acquire all of the interests of Cairn in Bangladesh and in consideration will assume the obligations of CESFL.
Santos first invested in Bangladesh in 2007 with the purchase of Cairn Energy Bangladesh (CEBL).
Santos plans to drill three wells in the Sangu area in 2011 after acquiring seismic surveys this year.
Santos vice president Asia Pacific Martyn Eames said the acquisition of CESFL was consistent with Santos’ Asian strategy of building material and sustainable businesses to meet growing domestic energy needs.
