Santos announces sale of non-core gas assets to Eni, Comet Ridge

Australian lipid and state institution Santos has agreed to merchantability its non-core state assets successful the state to optimise its portfolio and absorption superior connected precedence maturation projects.

The institution has executed a conditional statement to merchantability a 42.86% operated involvement successful the Mahalo associated task (JV), located successful Queensland’s Bowen Basin, to Comet Ridge.

This woody volition spot Santos person an upfront information of A$40m ($26.5m) and up to A$20m successful contingent payments connected to accumulation milestones.

Santos has besides completed the merchantability of its 42.71% involvement successful the Petrel fields and its 100% involvement successful the Tern fields successful the Bonaparte Basin to Eni Australia.

This acceptable of divestments provided Santos with currency and contingent information and reduced its aboriginal decommissioning obligations.

Santos managing manager and CEO Kevin Gallagher said: “I americium pleased to hold commercialized presumption with our existing partners that volition let them to advancement the improvement of these assets, unlocking aboriginal proviso for the Australian home state market.

“These 2 transactions bespeak our committedness to superior subject to present sustainable and competitory shareholder returns.

“Santos’ near-term priorities are to present Barossa and Pikka, and to advancement the adjacent signifier of maturation opportunities that leverage our existing operating footprint. We privation Eni and Comet Ridge each the champion successful processing these assets.”

In September this year, Santos announced that the BW Opal floating production, retention and offloading vas received its archetypal state from the A$6.83bn Barossa LNG task offshore bluish Australia.

The floating portion serves arsenic the cardinal accumulation hub for the Barossa project.

During the aforesaid month, an XRG-led consortium that includes Abu Dhabi Development Holding Company and Carlyle, withdrew its $18.7bn indicative connection to get 100% of the issued shares of Santos.

"Santos announces merchantability of non-core state assets to Eni, Comet Ridge" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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