Santos has secured $US800 million in funding to extend the life of the Darwin LNG joint venture, in which it holds a 43.43 per cent interest.
The asset has been processing LNG for sale into overseas markets since its commissioning in 2006.
The facility previously processed gas from the Bayu-Undan field until production ceased in late 2023. Now, the joint venture is looking to feed the facility with gas from Santos’ Barossa gas project, which lies 300km north of Darwin.
Santos CEO Kevin Gallagher called the successful funding an excellent result for Darwin LNG, showing strong support from our bank lenders, and demonstrating their recognition of LNG as a critical part of the energy transition and willingness to support the LNG industry.
“The debt raised by the Darwin LNG joint venture is wholly consistent with our strategy of securing flexible, long-duration and competitively priced funding,” he said.
“With these facilities in place, Darwin LNG is well-funded to complete the life extension works scheduled for mid-2025 and it positions Darwin LNG to consider future expansion of this important infrastructure, including through the potential provision of third-party carbon capture services in Darwin.”
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