Barossa gas project : Santos wraps up sale of 12.5% stake to JERA

Santos has wrapped up the previously announced sale of a 12.5% in the Barossa gas project to Japan-based JERA after securing all regulatory approvals.

The Australian oil and gas company got cash proceeds of $327 million following the sale.

The Barossa project is located in Australian waters, off the coast of the Northern Territory.

Santos wraps up sale of 12.5% stake in Barossa gas project to JERA. Photo courtesy of Danimations/Wikipedia.org.

According to Santos, the Barossa gas and condensate project to backfill the Darwin LNG plant was 33% complete at the end of March 2022 and is on track and within budget to achieve the first production in the H1 2025.

Santos’ stake in the Barossa gas project has been now reduced to 50%. The other partners are SK E&S with 37.5% and JERA with 12.5%.