Business. 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 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 to sell 25% of Darwin LNG, Bayu-Undan assets for $390 mln, Reuters, Mar. Santos is preparing to develop a new source of offshore gas for the Darwin LNG plant. 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 also receives the benefit of approximately US$120 million of cash flow relating to the interests from 1 … He confirmed Santos' intention to give the go-ahead for construction of the Barossa offshore gas project in northern Australia this June half, providing a new source of gas for the Darwin LNG … 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. 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. 27. 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 continues to build alignment between the Darwin LNG and Barossa joint ventures. Offshore staff. Australian energy firm Santos has agreed a $390m deal to sell assets to South Korean energy group SK E&S. 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. Prices for domestic gas, condensate and LPG also all fell. The Darwin LNG Project is an LNG value chain project that involves the development and production of gas mainly from the Bayu-Undan Gas Field located 250km off the southern coast of East Timor and 500km off the coast of Darwin, Australia, as well as the pipeline transport and liquefaction of that gas. "2020 saw us ride through the bottom of the cycle while still generating free cash flow and deliver a record 4.3 million tonnes of Santos-equity LNG sales," chief executive Kevin Gallagher said. 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. 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. As a … 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. SK E&S already has a 37.5% interest in the Barossa project to backfill Darwin LNG. “Santos expects to take a final investment decision for the development of Barossa following completion of the ConocoPhillips acquisition and once all necessary technical, engineering and commercial contracts are in place, including the processing agreement with Darwin LNG, to allow the project to proceed subject to market conditions,” Mr Gallagher said. Santos Ltd., Adelaide, has received tolling agreements to transport and process gas from its proposed Barossa gas-LNG project in the Timor Sea through existing Darwin LNG infrastructure. The deal was made in October 2019, but was announced on Thursday. Santos will sell a 25% stake in the Darwin LNG facility and the Bayu-Undan gas field, offshore Northern Australia. To achieve it, the company will have to keep testing the amounts that American viewers are willing to pay. 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 to commence $300m drilling program to extend Darwin LNG. 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.. Follow updates here. 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. Santos has a 68.4% interest and operatorship of Bayu-Undan and Darwin LNG which will reduce to 43.4% upon completion of a 25% sell-down to Korean company SK E&S (OGJ Online, Mar. [1] 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. 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. 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. Zip jumps 11 per cent on customer, sales growth. He confirmed Santos' intention to give the go-ahead for construction of the Barossa offshore gas project in northern Australia this June half, providing a new source of gas for the Darwin LNG plant. Join us and your talent, skills and ideas will have a direct impact on results as we thrive and improve together. 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The Australian sharemarket is up as buy now, pay later stocks rally. May 28, 2020 – 1.34pm or Subscribe to save article Santos has negotiated a $US125 million ($188.8 million) cut in the up-front purchase price … Darwin on track to become national Santos gas hub after $2.2bn deal 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. Vik Bansal leaves Cleanaway after delivering one of the best turnarounds of the decade. 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 … 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. Sales revenues also just beat RBC's estimate. Offshore staff. 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. Santos is the leading Australian oil and gas exploration and production company in the Northern Territory, with a significant presence both onshore and offshore. [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. Sales volumes for 2020 came in ahead of guidance at 107.1 million boe, while guidance for spending last year was lowered ahead of the release of full-year earnings on February 18. the upgraded guidance Santos gave last month. In addition, Santos will receive around $120 million of cash flow related to these interests from Jan. 1 to Oct. 1, 2019. ADELAIDE, Australia – Santos has agreed to sell a 25% interest in Darwin LNG and the Bayu-Undan field in the Timor Sea to SK E&S for $390 million.. 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. Cleanaway slides as CEO Vik Bansal steps down. Santos will have the benefit of cashflows from the 25% interests until 1 October 2019 being the effective date for the sale to SK E&S. The prospect of Netflix weaning itself off debt is appealing. But while his leadership style got results, it extracted a toll. BUILDING AND SERVICE IN THE BLOOD Since 1987, the family has developed an unsurpassed reputation for delivering quality and top-notch service. 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. Output for the December quarter was 25.4 million boe, beating the estimate of 24.8 million boe from RBC Capital Markets. The Galaxy S21 Ultra has a pen, Bucket-list getaways for 2021, from camping to camels and cruises, Forrest plans China visit and vaccinations for Fortescue travels, Rich Lister Cowin's plant-based sausages push, Aussie's tattoo-removal business inks $65m private equity deal. 0. 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