Santos has completed its sale of 25% interests in the Bayu-Undan field in the Timor Sea and the onshore Darwin LNG plant to SK E&S.
(Courtesy Santos)
The Bayu-Undan complex in the Timor Sea.
Offshore staff
ADELAIDE, Australia – Santos has completed its sale of 25% interests in the Bayu-Undan field in the Timor Sea and the onshore Darwin LNG plant to SK E&S, which is also a partner in Santos’ current Barossa field development.
The sale brought in net funds of $186 million at completion.
In addition, the two companies have signed a memorandum of understanding to jointly assess opportunities for carbon-neutral LNG from Barossa, including potential future development of zero-emissions hydrogen.
Santos now has a 43% operated interest in Bayu-Undan and Darwin LNG, the remainder held by SK E&S (25%), INPEX (11.4%), Eni (11%), JERA (6.1%), and Tokyo Gas (3.1%).
First gas from Barossa to backfill Darwin LNG should flow during the first half of 2025.
JERA is also looking to farm into 12.5% of Santos’ interest in Barossa.
