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Project Insights

Darwin set to expand as Santos buys out Conoco

Following a period of belt-tightening, Australia’s second-largest gas group is expanding its asset base as it looks to raise its profile in the international LNG market Following a period of belt-tightening, Australia’s second-largest gas group is expanding its asset base as it looks to raise its profile in the international LNG market.
By Sally Bogle 17 October 2019 Asia Pacific / Exploration & Production 0 34691
The Darwin LNG plant in Australia. (Conoco)

The key issue: Under a A$2.06 billion deal announced on Monday, Santos will acquire ConocoPhillips’ operating interest in Darwin LNG as well as stakes in the Bayu-Undan, Barossa and Poseidon offshore gas fields.

Interfax analysis: A reshuffling of ownership in Darwin LNG (DLNG) and associated offshore gas fields could see an expansion for Australia’s oldest LNG export facility, in turn cementing long-term gas sales links with South Korea.

In a widely anticipated move, US major ConocoPhillips announced on Monday that it is selling out of...