Australian energy major Santos has struck a $1.39-billion deal to acquire ConocoPhillips’ northern Australian business, which includes its share in the Darwin liquefied natural gas (LGN) project, and the Bayu-Undan, Barossa and Poseidon assets.
“Santos was a founding partner with ConocoPhillips in Darwin LNG, which has been operating since 2006. The acquisition of these assets fully aligns with Santos’ growth strategy to build on existing infrastructure positions while advancing our aim to be a leading regional LNG supplier,” said Santos MD and CEO Kevin Gallagher.