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This strengthens the hand of the LNG market in Darwin and will prove to be a beneficial market for Beetaloo gas. It also puts an Australian company in the spotlight of the NT's economic future.
Darwin on track to become national Santos gas hub after $2.2bn deal
AN AUSTRALIAN energy giant has revealed plans for Darwin to be one of its key national hubs, after it today completed a $2.2 billion gas deal to take the dominant stake in ConocoPhillips’ Darwin LNG plant and northern assets
AUSTRALIAN energy giant Santos has revealed plans for Darwin to be one of its key national hubs.
Santos chief executive Kevin Gallagher said future plans are for it to be a key link in the Adelaide, Brisbane, Perth nexus.
Mr Gallagher said the completion today of the $2.2 billion gas deal to take the dominant stake in ConocoPhillips’ Darwin LNG plant and northern assets, will pave the way for that.
“We will immediately get to work in Darwin now … we want Darwin to be a core part of our universe,” Mr Gallagher said.
“We see Darwin as a critical part of a long term growth strategy for Santos and we want to have a much stronger presence up in Darwin.
“The completion of the ConocoPhillips Darwin LNG acquisition is the start of building a strong presence in Darwin and becoming a much more prominent member of the Northern Territory and its community in the years ahead.
“We look forward to not only bringing Bayu Undan gas into Darwin and giving Darwin LNG another 15 or 20 years life, but we look forward to expanding it and creating more high paying jobs in the region for years ahead.”
The Barossa gas field offshore project, 300km north of Darwin, is the lead candidate to supply backfill gas through Bayu Undan to the Darwin LNG plant.
Santos had expected to take a final investment decision on the Barossa project in the second quarter of this year, however the coronavirus pandemic has delayed that until “market conditions permit”.
“We want to centre more of our operations up in that part of the world,” Mr Gallagher said.
“The great thing about Darwin and the Northern Territory is that it is surrounded with hundreds of years worth of stranded potential resource and what we want to do is have a long term strategic objective to grow Darwin and exploit those resources.
“It is right on the doorstep of Asia and could not be better positioned for the customers that want that gas. We are very excited about being part of the future in Darwin.
“Santos stands for the South Australia and Northern Territory Oil Search company, so we have Northern Territory in our name and we are very keen to increase our presence in Darwin.
“Ultimately today we see Santos as being Adelaide, Brisbane and Perth and tomorrow we want Darwin to be the other Santos key centre.”
WW, Just curious... was title meant to be "Santos Buys out COP Interest in Darwin LNG" / out instead of our? In any case, this news is pushing the SP up on FOLGF by 10% today. This is great news for the NT and I'm sure will prove beneficial for the OAG industry overall. Which begs the question: "Are we there yet?" Is it time for our bird to fly? GLTA
JamesL. the curious thing is that Santos is down 1.47% today while our volume is going crazy.
Nervesofsteel, the SP on FOLGF is up 10%, but the volume is still insignificant, just like everyday. Like WW, I never pay any particular attention to the day-to-day price. I'm only interested on the SALE details when POQ puts the ink pen to paper. GLTA
Volume on the TSX is over a million, more than double the daily average and the exchange has only been open a couple of hours.
Volume on AIM double the daily average at over 800k.
FOLGF as you say, James, is lagging in terms of volume but not price increase. Been a while since we saw double digits.
All very welcome, whatever the reason!
Nerves, I've been buying FOLGF over the last week and noticed a very different bid-ask scenario. In the past, the ask was more elastic in its response to the bid. Lately, it has been much more resistant to meeting a lower bid.
James - Yep - just a typo - s/b Out
Sorry