you beauty - new gas agreement glng, page-70

Santos are having success in their other tight fields. Read that report from Citi!

Not in GLNG's tight fields they aren't. ie the ones that are equivalent to WCL's. GLNG's CSG is a very different beast from Santos's Cooper fields.

That's why they need WCL's gas in the first place. Their own CSG fields are not performing and they need to source gas from other places, including WCL and their own fields in the Cooper.

The nature of the deal suggests Santos are having a bet each way with WCL. They don't want to take over WCL because then they take on the risk of the field not performing, but they are happy to take as much gas as WCL can produce. That way they are exposed to the upside without the risk.