↑ Santos to sell 25% of Darwin LNG, Bayu-Undan assets for $390 mln, Reuters, Mar. To achieve it, the company will have to keep testing the amounts that American viewers are willing to pay. 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. 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. Santos has approved US$235 million worth of investment for an infill drilling campaign that will extend the life of the Bayu-Undan field offshore East Timor. 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. In addition, Santos will receive around $120 million of cash flow related to these interests from Jan. 1 to Oct. 1, 2019. 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. [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. 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.. Australian energy firm Santos has agreed a $390m deal to sell assets to South Korean energy group SK E&S. 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. Santos will sell a 25% stake in the Darwin LNG facility and the Bayu-Undan gas field, offshore Northern Australia. “Customer satisfaction and service is number one for me too,” says Alex Tsirbas, the new owner and manager of Trade Building Supplies in Darwin. 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 upgraded guidance Santos gave last month. December quarter sales rose to $US922 million ($1.2 billion) on the back of a 25 per cent jump in commodity prices that has continued into 2021 and an all-time high in quarterly production. Jobless rate falls in December as 50,000 new jobs added. 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. Sales revenues also just beat RBC's estimate. 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 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 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%. Output for the December quarter was 25.4 million boe, beating the estimate of 24.8 million boe from RBC Capital Markets. Offshore staff. 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 … Santos to commence $300m drilling program to extend Darwin LNG. 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. 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. 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. Santos agrees to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S. 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. 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. “Santos continues to build alignment between the Darwin LNG and Barossa joint ventures. 27. “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. 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 … The Australian sharemarket is up as buy now, pay later stocks rally. 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. The prospect of Netflix weaning itself off debt is appealing. Zip jumps 11 per cent on customer, sales growth. Cleanaway slides as CEO Vik Bansal steps down. 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. 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 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 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. Join us and your talent, skills and ideas will have a direct impact on results as we thrive and improve together. Australia's oil and gas company Santos will sell a 25% interest in Darwin LNG and Bayu Undan gas condensate offshore field to SK E&S for US$390 million with effect from October 1, 2019 with customary adjustments on completion. 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. ↑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. "Santos continues to build alignment between the Darwin LNG and Barossa joint ventures. Vik Bansal leaves Cleanaway after delivering one of the best turnarounds of the decade. Prices for domestic gas, condensate and LPG also all fell. “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. 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. 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. ... 6, 2021. Credit Suisse (Australia) Limited and J.B. North & Co. are acting as financial advisers to Santos and Allens is acting as legal adviser to Santos. Darwin LNG currently has 3.7mn tpy of capacity. Santos seeks to work with contractors and suppliers who are economically, environmentally and socially responsible. Darwin LNG is the second-oldest of Australia's 10 LNG plants. BUILDING AND SERVICE IN THE BLOOD Since 1987, the family has developed an unsurpassed reputation for delivering quality and top-notch service. 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.. 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. 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. We are in advanced discussions to sell-down equity in Barossa to a target ownership of around 40% to achieve increased partner alignment.”. "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. 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. 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. 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The deal was made in October 2019, but was announced on Thursday. Santos is preparing to develop a new source of offshore gas for the Darwin LNG plant. But while his leadership style got results, it extracted a toll. Offshore staff. Australian LNG player Santos has agreed to sell a 25 percent interest in Darwin LNG and Bayu-Undan to SK E&S for $390 million with effect from October 1, 2019. 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. Darwin LNG Project AUSTRALIA. Life extension work at Darwin LNG will incur capex of around $600 million associated with Bayu-Undan end … 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. 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 projected life of the Bayu-Undan field will be reached in 2022. 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. Santos also receives the benefit of approximately US$120 million of cash flow relating to the interests from 1 … Upstream production costs should also be at the lower end of guidance, it said. 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 is the leading Australian oil and gas exploration and production company in the Northern Territory, with a significant presence both onshore and offshore. 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. 12, 2020 ↑ ASX/Media Release, Santos, Oct. 14, 2019 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. 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. 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. 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. As a … [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' 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. 0. SK E&S already has a 37.5% interest in the Barossa project to backfill Darwin LNG. Follow updates here. 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. Help using this website - Accessibility statement. 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 … Business.
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