Following completion of the ConocoPhillips acquisition and the sell-downs to JERA and SK E&S, Santos will hold a 43.4% interest in Darwin LNG and a 50% interest in Barossa. “We are delighted to have agreed terms with SK E&S to acquire interests in Darwin LNG and Bayu-Undan and look forward to continuing and building on the long-term relationship between our two companies.”, “Santos continues to build alignment between the Darwin LNG and Barossa joint ventures through discussions with Darwin LNG participants and others to acquire equity in Barossa. As prices for liquefied natural gas (LNG) cargoes in Asia bounce back from multi-year lows, Santos managing director Kevin Gallagher on Tuesday said the company would begin a drilling program involving three wells at the Bayu-Undan joint venture to develop additional reserves and sustain export volumes of the super-chilled fuel from its Darwin LNG processing plant. ↑Darwin LNG Terminal, A Barrel Full, accessed April 2017 ↑ 2.0 2.1 Our Projects, ConocoPhillips Australia, accessed July 2017 ↑ Qatar Moves to Ensure LNG Dominance, Arab Gulf States Institute in Washington, April 17, 2017. The $235-million investment calls for three production wells (two platform and one subsea) to develop further gas and liquids reserves, extending the life of the offshore facilities and the onshore Darwin LNG plant. Australian energy firm Santos has agreed a $390m deal to sell assets to South Korean energy group SK E&S. Santos’ sale of interests in Darwin LNG and Bayu-Undan to SK E&S advances partner alignment for the development of Barossa, which remains a key priority for both companies. Santos will sell a 25% stake in the Darwin LNG facility and the Bayu-Undan gas field, offshore Northern Australia. Santos Managing Director and Chief Executive Officer Kevin Gallagher said the agreement with SK E&S builds partner alignment and is another significant step towards bringing Barossa gas into production through the Darwin LNG facilities. 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Santos seeks to work with contractors and suppliers who are economically, environmentally and socially responsible. Santos currently has a 68.4% interest and operatorship in Bayu-Undan and Darwin LNG which will reduce to 43.4% upon completion of a 25% sell down to SK E&S. Offshore staff. Joe Biden signed 15 executive orders winding back Donald Trump policies, warned staff they'd be fired if they disrespect others, and promised a new era of truth, in his first hours as President. Upstream production costs should also be at the lower end of guidance, it said. Sales for the full year dropped 16 per cent to $US3.39 billion as more robust LNG prices late in 2020 failed to compensate for the weakness through the June and September quarters. Business. The Australian sharemarket is up as buy now, pay later stocks rally. Production at Santos' Western Australia assets rose 20% in the quarter on improving spot demand, while output from Bayu-Undan facility to Darwin LNG saw a … Life extension work at Darwin LNG will incur capex of around $600 million associated with Bayu-Undan end … The plant boasts of having an above ground LNG tank, with a working capacity of 188,000 cubic meters, one of the largest of its time. “Santos continues to build alignment between the Darwin LNG and Barossa joint ventures. South Korea’s SK E&S has signed a letter of intent with Santos on the acquisition of a 25% stake in Bayu-Undan and Darwin LNG. ↑ Santos to sell 25% of Darwin LNG, Bayu-Undan assets for $390 mln, Reuters, Mar. We are in advanced discussions to sell-down equity in Barossa to a target ownership of around 40% to achieve increased partner alignment.”. Santos advised at its investor briefing last week that a critical deal had been struck on the terms for processing Barossa gas at Darwin LNG, the other major hurdle. Santos today announced it had agreed to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S for US$390 million with effect from 1 October 2019 with customary adjustments on completion. Darwin LNG currently has 3.7mn tpy of capacity. THE momentum towards the sanctioning of the $5 billion Barossa gas infill project 300km off the coast of Darwin has gathered pace with Santos’ announcing its $300 million Bayu-Undan infill drilling program Final Investment Decision yesterday. Santos currently has a 68.4% interest and operatorship in Bayu-Undan and Darwin LNG which will reduce to 43.4% upon completion of a 25% sell down to SK E&S. Jobless rate falls in December as 50,000 new jobs added. ADELAIDE, Australia – Santos and its partners have committed to the Phase 3C infill drilling program at the Bayu-Undan field in the Timor Sea, offshore Timor-Leste.. Free cash flow was just over $US725 million for the full year, despite Santos' average oil price falling 34 per cent to $US71.99 a barrel while its average LNG price sank 35 per cent to $US6.39 per million British thermal units. Darwin LNG Project AUSTRALIA. The sale is conditional on completion by Santos of the acquisition of ConocoPhillips’ northern Australia and Timor-Leste portfolio as announced on 14 October 2019, third-party consents, regulatory approvals and a final investment decision on Barossa. ... 6, 2021. Output for the December quarter was 25.4 million boe, beating the estimate of 24.8 million boe from RBC Capital Markets. The deal was made in October 2019, but was announced on Thursday. As announced on 14 October 2019, Santos’ net funding requirement for the ConocoPhillips acquisition is expected to be approximately US$775-825 million, net of the proceeds realised from the sell-down to SK E&S and post the benefit of cash flows generated from the acquired business from the ConocoPhillips acquisition effective date of 1 January 2019 to completion with customary adjustments. 0. Cleanaway slides as CEO Vik Bansal steps down. S Santos also receives the benefit of approximately US$120 million of cash flow relating to the interests from 1 January 2019 to 1 October 2019. Zip jumps 11 per cent on customer, sales growth. Offshore staff. 27. Prices for domestic gas, condensate and LPG also all fell. 12, 2020 ↑ ASX/Media Release, Santos, Oct. 14, 2019 Production in 2020 of 89 million barrels of oil equivalent was 18 per cent higher than in 2019 and at the top end of the upgraded guidance Santos gave last month. Sales revenues also just beat RBC's estimate. Santos is the leading Australian oil and gas exploration and production company in the Northern Territory, with a significant presence both onshore and offshore. As a … Santos today announced it had agreed to sell a 25% interest in Darwin LNG and Bayu- Undan to SK E&S for US$390 million with effect from 1 October 2019 with customary adjustments on completion.1Santos also receives the benefit of approximately US$120 million of cash flow relating to the interests from 1 January 2019 to 1 October 2019. Santos agrees to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S. He signalled Santos will benefit from the jump in LNG spot prices this month, having 10 spot cargoes scheduled for shipment this quarter from its various LNG projects, which include GLNG in Queensland and PNG LNG in Papua New Guinea as well as Darwin LNG. the upgraded guidance Santos gave last month. Stronger LNG prices have helped Santos post an improved December quarter performance, lifting sales revenues by 16 per cent and limiting the drop in full-year revenues that came despite record production. Follow updates here. In January 2006, Darwin LNG became the 2 nd LNG plant to be commissioned in Australia, that too ahead of schedule and within the allocated budget. Santos estimates development capex to first gas at around $4.7 billion, with the field extending the operating life of Darwin LNG by over two decades. But while his leadership style got results, it extracted a toll. Santos' carbon capture and storage project at Moomba in South Australia's north is already ready for a final go-ahead decision but is awaiting a move by the federal government to confirm it is eligible to generate Australian Carbon Credit Units. Are economically, environmentally and socially responsible prospect of Netflix weaning itself off debt is appealing achieve it, company... 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