Sandlion,
Its all been said before.
That Santos don't have enough reserves is trite.
Y has alluded to Santos' inclusion of its percentage shareholding in ESG as claimed reserves. STO can't have them. STO can have their 35% (JV) and no more.
The customers want guaranteed supply and STO can't give them that over and above the first train.
Enter ESG.
CJCC