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 will acquire ConocoPhillips’ majority stakes in Darwin LNG and Bayu-Undan, as well as a 37.5% stake in Barossa, but will aim to cut its stakes in Darwin LNG and Barossa to about 40%-50%. Santos to commence $300m drilling program to extend Darwin LNG. But while his leadership style got results, it extracted a toll. 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. Help using this website - Accessibility statement. 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. We are in advanced discussions to sell-down equity in Barossa to a target ownership of around 40% to achieve increased partner alignment.”. Santos seeks to work with contractors and suppliers who are economically, environmentally and socially responsible. The prospect of Netflix weaning itself off debt is appealing. 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. ↑ Santos to sell 25% of Darwin LNG, Bayu-Undan assets for $390 mln, Reuters, Mar. Mr Gallagher said Santos was staying focused on controlling its costs and maintaining its disciplined operating model despite the "welcomed strengthening" in prices over the past months. Business. 27. 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. "Santos continues to build alignment between the Darwin LNG and Barossa joint ventures. 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. The company’s partnership with the NT stretches back many years, having been the major supplier of gas to the local market and as the only Australian company in Darwin LNG. 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 … “Customer satisfaction and service is number one for me too,” says Alex Tsirbas, the new owner and manager of Trade Building Supplies in Darwin. 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. Australian energy firm Santos has agreed a $390m deal to sell assets to South Korean energy group SK E&S. 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. 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. 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. The Australian sharemarket is up as buy now, pay later stocks rally. 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. [1]  Santos will acquire the 25% interest in Darwin LNG and Bayu-Undan to be sold to SK E&S under the ConocoPhillips acquisition which has an effective date of 1 January 2019. 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' 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. Santos also receives the benefit of approximately US$120 million of cash flow relating to the interests from 1 … Sales revenues also just beat RBC's estimate. 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. Jobless rate falls in December as 50,000 new jobs added. Santos is preparing to develop a new source of offshore gas for the Darwin LNG plant. Santos’ pro-forma gearing on completion of both the ConocoPhillips acquisition and SK E&S sell-down is expected to be approximately 33.5% (approximately 31% pre-AASB 16 lease liabilities) before any cash generated from the sell-down of equity in Barossa. That American viewers are willing to pay are economically, environmentally and socially responsible at the lower end guidance... The prospect of Netflix weaning itself off debt is appealing offshore Northern Australia LNG. 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