The latest Santos news, articles, data and analysis from Australian Financial Review Santos’ interest in Bayu-Undan and Darwin LNG increases to 68.4% at completion and will provide a significant boost to 2020 production and cash flows. Santos also focuses on liquefied natural gas (LNG) strategy and has interests in four LNG projects in Australia. "Obviously work is ongoing in Queensland, but there appears to be an intent to commence exploration in the Territory, once regulatory processes and land tenure negotiations have been dealt with successfully," she said.
"Santos is very committed to working with all resource owners to help them develop the resources that can lead to expansion in Darwin. Headquartered in Adelaide, Santos is Australian-owned and operated. Following completion of the previously announced sell-downs to SK E&S and JERA, Santos will hold a 43.4% interest in Darwin LNG and a 50% interest in Barossa,” Mr Gallagher said.“We are continuing to advance discussions with other parties for the sale of further equity in the Barossa project in line with our previously stated target ownership level of around 40% to achieve increased partner alignment and prudent future allocation of growth capital. Santos’ interest in the Barossa project to backfill Darwin LNG increases to 62.5%.Santos Managing Director and Chief Executive Officer Kevin Gallagher said he was pleased to complete the acquisition which is fully-aligned with Santos’ strategy to build on existing infrastructure positions around Santos’ core assets.“As a foundation partner in Bayu-Undan and Darwin LNG, and an existing partner in Barossa, we know these assets well. This is how it's supposed to happenHarry was 'desperate' for a meeting with the Queen before he and Meghan left the royal family, but it never happened'Dead quiet': Kuta's once bustling alleyways remain eerily empty despite Bali's domestic reopeningCoronavirus-hit Melbourne supermarket alarmed by silence from contact tracersNew COVID-19 cases in NSW likely to be 10 times higher than official figures, expert saysWhat's the most likely reason for New Zealand's COVID-19 outbreak?Coronavirus-hit Melbourne supermarket alarmed by silence from contact tracersFamily of woman left with irreversible brain injuries after paramedic treatment loses $3m High Court caseNeighbours' row over 'two very Australian phenomena' ends up in NSW Supreme CourtWife buried in backyard for 45 years was hit with metal bar, husband admits to policeNew COVID-19 cases in NSW likely to be 10 times higher than official figures, expert says'Encouraging' coronavirus numbers in Victoria cause for quiet optimismCoronavirus update: Study estimates more than one in ten Londoners has had COVID-19What's the most likely reason for New Zealand's COVID-19 outbreak?Coronavirus-hit Melbourne supermarket alarmed by silence from contact tracersPatrons of Western Sydney club urged to isolate, NSW confirms 12 new coronavirus casesThousands in Belarus form 'lines of solidarity' in protest against President Lukashenko'Dead quiet': Kuta's once bustling alleyways remain eerily empty despite Bali's domestic reopeningAged care nurse who caught COVID-19 says workers weren't properly trained in PPEHome loan repayment holidays are about to end. We are delighted to assume operatorship and continue to progress the Barossa project so that a final investment decision can be made when market conditions permit.”“We welcome the ConocoPhillips’ Australia-West employees to Santos and look forward to getting on with the process of integrating our two businesses to create one high performing team,” Mr Gallagher said.The purchase price at completion was fully-funded from available cash together with US$750 million of new two-year acquisition debt. Post-completion, Santos’ balance sheet remains in a strong position with liquidity of US$3.1 billion, comprising cash of US$1.2 billion and committed undrawn debt facilities of US$1.9 billion.Santos has previously announced an agreement to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S for US$390 million and the signing of a letter of intent to sell a 12.5% interest in Barossa to JERA.“Santos continues to build alignment between the Darwin LNG and Barossa joint ventures. "We have long-aspired to get this position in Darwin so that we can have a much bigger presence, that's something we are very excited about," he said. Trusted and independent source of local, national and world news. It's a low-risk project by comparison to new greenfield LNG projects and, because of that, it has a very competitive cost of supply. "When you see a major player invest so heavily in the Territory, that bodes fairly well I think.
"The ConocoPhillips purchase is subject to regulatory approval, and expected to be completed in the first quarter of 2020.The company has also moved on gas tenements in the Northern Territory and Queensland Gulf region, with Armour Energy this week confirming a $95 million farm-in deal with Santos to develop its resources in the South Nicholson Basin.The deal will see Santos take a 70 per cent stake in several of Armour's granted tenements and tenement applications, with up to $65 million to be invested in joint exploration activities over four years.Teresa Cummings from the Territory Resources Services Association said, while it was still in the early stages, the agreement was a promising development for northern Australia. We say what people are thinking and cover the issues that get people talking balancing Australian and global moments — from politics to pop culture. We are dealing with shortlisted buyers right now," he said.
Resources giant Santos is strengthening its grip on the north Australian gas sector, as it moves to secure billions of dollars worth of exploration and production investments in the Top End.The company this week announced plans to buy ConocoPhillips' north Australian gas assets for just over $2 billion, including the Wickham Point gas plant, Bayu-Udan gas field, and the Barossa and Poseidon gas prospects.Santos's chief executive officer and managing director, Kevin Gallagher, said it was a strategic acquisition. Santos is one of the leading independent oil and gas producers in the Asia-Pacific region, supplying energy needs across Australia and Asia. Santos completes ConocoPhillips northern Australia acquisition Here's what I've seenCoronavirus update: Study estimates more than one in ten Londoners has had COVID-19Patrons of Western Sydney club urged to isolate, NSW confirms 12 new coronavirus casesWhat's the most likely reason for New Zealand's COVID-19 outbreak?Home loan repayment holidays are about to end.
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