This week Santos has announced two major investments in the Northern Territory. Santos will acquire ConocoPhillips' Northern Territory operations including a majority interest in and operatorship of the Darwin LNG export terminal for over A$2bn. Santos will also acquire a 70% working interest in tenements in the South Nicholson Basin owned by Armour Energy in a cash and expenditure deal worth A$95m. These investments represent a major endorsement of the Northern Territory's onshore and offshore oil and gas sector by a leading Australian energy company and importantly provide access to major North Asian gas markets for Santos' Beetaloo and McArthur Basin shale gas assets. Exploration and appraisal activities by Empire Energy, Origin, Santos and others in the Beetaloo and McArthur Basins are focused on commercialising this globally significant resource.
EEG Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
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