Santos says the joint venture participants in the Bayu-Undan gas-condensate field in the Timor Sea have executed a deed to transfer a 16% interest to TIMOR GAP.
Completion of the process remains subject to customary conditions.
TIMOR GAP will participate in the joint venture for the remainder of the field’s economic producing life, with the Production Sharing Contract (PSC) terminating either on June 30, 2026 or on cessation of production (whichever happens first).
The upstream project comprises the field, and offshore production and processing facilities in Timor-Leste. Bayu-Undan has been in the tail-end phase for some time, but continues to produce gas for use in the Australian domestic market via a gas sales agreement with the Power and Water Corporation of the Northern Territory, along with liquids.
Other partners are SK E&S, INPEX, Eni and Tokyo Timor Sea Resources.
Santos added that it remains committed to working with Timor-Leste and its co-venturers to repurpose Bayu-Undan when petroleum production ends for a large-scale, commercial carbon capture and storage project.
