Santos acquires LNG infrastructure in major deal


Energy giant Santos has acquired a portfolio of low cost natural gas assets and strategic LNG infrastructure in northern Australia and Timor-Leste.

Announced today, Santos said it acquired ConocoPhillips’ assets for a reduced purchase price of $1.265bn plus an increased contingent payment of $200m subject to a final investment decision on Barossa.

The acquisition delivers operatorship and control of a high quality portfolio of low-cost, long-life natural gas assets and strategic LNG infrastructure.

Santos’ interest in Bayu-Undan and Darwin LNG increases to 68.4% at completion and will provide a significant boost to 2020 production and cash flows. Santos’ interest in the Barossa project to backfill Darwin LNG increases to 62.5%.

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