FID made on Bayu-Undan

Santos has announced a final investment decision (FID) on the Phase 3C infill drilling program at the Bayu-Undan field offshore Timor-Leste.

The US$235 million ($303 million) program will consist of three production wells drilled using the Noble Tom Prosser jack-up rig, with the first well scheduled to spud in the second quarter of 2021.

With first production targeted for later in the year, Santos said the project will develop additional natural gas and liquids reserves, extending field life as well as production from the offshore facilities and the Darwin LNG plant.

“Only through a close and constructive working relationship with the Timor-Leste Government and our joint venture partners have we been able to move so quickly towards our shared goal of maximising value from the Bayu-Undan field,” said Santos Managing Director and CEO Kevin Gallagher.

“This infill drilling program adds over 20 million barrels of oil equivalent gross reserves and production at a low of cost of supply and extends the life of Bayu-Undan, reducing the period that Darwin LNG is offline before the Barossa project comes on stream.”

Santos became operator of the project in May 2020 following the completion of its acquisition of ConocoPhillips’ northern Australia assets.

Santos currently has a 68.4 per cent interest and operatorship in Bayu-Undan and Darwin LNG, which will reduce to 43.4 per cent upon completion of a 25 per cent sell down to SK E&S.

For more information visit the Santos website.

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