Santos buys Spar from Gorgon JV

Santos has bought up the interests in a majority of the undeveloped Carnarvon Basin Spar gas field offshore Western Australia.

Santos bought up 100 percent of the WA-4-R permit from the joint venture participants of the Chevron-led Gorgon liquefied natural gas (LNG) project. The terms and conditions of the sale were not disclosed. The permit contains the majority of the Spar gas field, which also extends into Santos' 45 percent-owned and Apache-operated WA-13-L permit. The WA-13-L permit also contains the East Spar gas field, which first came on stream in 1996.The Spar gas field, is estimated to contain a gas resource of up to 600 petajoules with associated condensate of up to eight million barrels. Santos will be evaluating the development options for the field in the short to medium term. Santos said the participants of the joint venture have determined that the Spar field was unlikely to form part of their proposed LNG project.
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