Santos Limited has announced the arrival of first gas into the Barossa gas field, located in the Timor Sea, offshore Northern Australia. This achievement marks a significant step forward for Santos and its joint venture partners, PRISM Energy Australia and JERA Australia, in the development of the Barossa LNG project. Santos is an Australian oil and gas exploration and production company. They supply natural gas to households, businesses and major industries across Australia and Asia.
In addition to the Barossa milestone, the Northern Territory Environment Protection Authority has renewed the environment protection licence for the Darwin LNG facility. This renewal clears the path for the introduction of first gas into, and the subsequent commencement of operations at, the Darwin LNG plant. These developments signal progress in Santos’s strategic initiatives in the region.
As a consequence of these projects, Santos will recognise a lease liability of $US665 million alongside a right-of-use asset valued at $US1.4 billion. These figures relate specifically to the Barossa and Darwin LNG projects. The recognition of this operating lease liability is anticipated to increase Santos’s gearing by approximately 2.4 percentage points.
These recent developments represent considerable progress for Santos and its partners, contributing to the company’s overall strategy and future operational capabilities in the Australian energy sector.
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