Announced in November 2015, the sale of the 35 per cent stake to Japanese oil and gas giants Mitsui has been confirmed for $520 million in cash.
Mitsui’s local subsidiary, Mitsui E&P Australia, struck the deal with Santos.
The Kipper asset is also due to start production this year.
The Kipper gas field is part of the Esso Australia-operated Kipper Tuna Turrum Project.
Discovered in 1999, the Kipper Gas field is estimated to contain approximately 620 Bcf of recoverable gas and 30 MMbbl of condensate/liquid petroleum gas (LPG).
The field is located in 100 m of water, approximately 45 km south of Marlo, Victoria.