Australian LNG player Santos said it has finalized the sale of a 12.5 percent interest in the Barossa project to Japan’s Jera following the completion of all regulatory approvals.
Cash proceeds to Santos at completion were $327 million, according to a Santos statement on Friday.
In December, Santos and Jera signed a deal for the stake sale in the Barossa/Caldita gas field which will provide gas for the Darwin LNG plant in the Northern Territory.
Prior to that, Santos took a final investment decision earlier this year for the $3.6 billion Barossa project to secure feed gas for the Darwin LNG plant.
The Barossa gas and condensate project was 33 percent complete at the end of March, Santos. which holds a 50 percent operating stake in the development, said on Friday.
The project remains on schedule and budget for first production in the first half of 2025, it said.
Besides Santos and Jera, South Korea’s SK E&S has a 37.5 percent share in the Barossa project.