Santos Closer to Shipping LNG From $4.5 Billion Barossa Field
(Bloomberg) -- Santos Ltd. signaled progress toward shipping the first liquefied natural gas cargo from its $4.5 billion Barossa field off northern Australia, a project that counts as a cornerstone asset for the company.
The shipments could begin in the next few weeks, Sean Pitt, executive vice president for marketing, trading and shipping, said during a speech on Saturday at the China International Oil and Gas Trade Congress in Shanghai.
Santos — a major supplier of LNG to Asian buyers — trimmed its natural gas production outlook last month after an unplanned two-week shutdown at Barossa, which only recently started production.
The Barossa project includes a 262-kilometer (163-mile) undersea pipeline and will deliver as much as 3.7 million tons of LNG a year, or about 4% of Australia’s total export capacity. Santos operates and owns half of Barossa, with the rest held by South Korea’s SK Innovation E&S and Japan’s Jera Co.
Santos is under increased scrutiny following the collapse of a $19 billion takeover approach from a group led by Abu Dhabi National Oil Co., piling pressure on the Adelaide-based company to boost shareholder returns.
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