Santos has completed the sale of 12.5% interest in the Barossa project to an Australian subsidiary of JERA, which is an existing partner in Darwin LNG with a 6.1% interest.
According to the official announcement, cash proceeds to Santos at completion were US$327 million.
The initial agreement was announced in December 2021.
Located in the Bonaparte Basin of the Timor Sea offshore Australia, the Barossa project comprises a floating production, storage, and offloading (FPSO) vessel, subsea production wells, supporting subsea infrastructure, and a gas export pipeline tied into the existing Bayu-Undan to Darwin LNG pipeline.
Santos, as operator of the Barossa joint venture, announced a final investment decision for the Barossa project in March 2021.
The Barossa gas and condensate project to backfill Darwin LNG was 33% complete at the end of March and remains on schedule and budget for the first production in the first half of 2025.
Participants in the Barossa project are Santos (50% and operator), SK E&S (37.5%) and JERA (12.5%).
