May 28, 2020 – 1.34pm or Subscribe to save article Santos has negotiated a $US125 million ($188.8 million) cut in the up-front purchase price … Prices for domestic gas, condensate and LPG also all fell. He confirmed Santos' intention to give the go-ahead for construction of the Barossa offshore gas project in northern Australia this June half, providing a new source of gas for the Darwin LNG … Santos seeks to work with contractors and suppliers who are economically, environmentally and socially responsible. Santos today announced it had agreed to sell a 25% interest in Darwin LNG and Bayu-Undan to SK E&S for US$390 million with effect from 1 October 2019 with customary adjustments on completion. Darwin LNG Project AUSTRALIA. Santos’ pro-forma gearing on completion of both the ConocoPhillips acquisition and SK E&S sell-down is expected to be approximately 33.5% (approximately 31% pre-AASB 16 lease liabilities) before any cash generated from the sell-down of equity in Barossa. Santos advised at its investor briefing last week that a critical deal had been struck on the terms for processing Barossa gas at Darwin LNG, the other major hurdle. But while his leadership style got results, it extracted a toll. “Customer satisfaction and service is number one for me too,” says Alex Tsirbas, the new owner and manager of Trade Building Supplies in Darwin. In January 2006, Darwin LNG became the 2 nd LNG plant to be commissioned in Australia, that too ahead of schedule and within the allocated budget. Santos will acquire ConocoPhillips’ majority stakes in Darwin LNG and Bayu-Undan, as well as a 37.5% stake in Barossa, but will aim to cut its stakes in Darwin LNG and Barossa to about 40%-50%. Mr Gallagher said Santos was staying focused on controlling its costs and maintaining its disciplined operating model despite the "welcomed strengthening" in prices over the past months. Santos has a 68.4% interest and operatorship of Bayu-Undan and Darwin LNG which will reduce to 43.4% upon completion of a 25% sell-down to Korean company SK E&S (OGJ Online, Mar. ↑ Santos to sell 25% of Darwin LNG, Bayu-Undan assets for $390 mln, Reuters, Mar. Santos Ltd., Adelaide, has received tolling agreements to transport and process gas from its proposed Barossa gas-LNG project in the Timor Sea through existing Darwin LNG infrastructure. Vik Bansal leaves Cleanaway after delivering one of the best turnarounds of the decade. The company’s partnership with the NT stretches back many years, having been the major supplier of gas to the local market and as the only Australian company in Darwin LNG. SK E&S already has a 37.5% interest in the Barossa project to backfill Darwin LNG. Australian LNG player Santos has agreed to sell a 25 percent interest in Darwin LNG and Bayu-Undan to SK E&S for $390 million with effect from October 1, 2019. S Santos also receives the benefit of approximately US$120 million of cash flow relating to the interests from 1 January 2019 to 1 October 2019. The deal was made in October 2019, but was announced on Thursday. As a … ↑Darwin LNG Terminal, A Barrel Full, accessed April 2017 ↑ 2.0 2.1 Our Projects, ConocoPhillips Australia, accessed July 2017 ↑ Qatar Moves to Ensure LNG Dominance, Arab Gulf States Institute in Washington, April 17, 2017. Santos currently has a 68.4% interest and operatorship in Bayu-Undan and Darwin LNG which will reduce to 43.4% upon completion of a 25% sell down to SK E&S. Upstream production costs should also be at the lower end of guidance, it said. 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