Santos, (ASX:STO) as operator of the Bayu-Undan Joint Venture, has made a final investment decision for the US$235 million Phase 3C infill drilling program at the Bayu-Undan field in the Timor Sea, offshore Timor-Leste.
The program comprises three production wells (two platform and one subsea) and will develop additional natural gas and liquids reserves, extending field life as well as production from the offshore facilities and the Darwin LNG plant.
Sanction of the project comes less than seven months after Santos became operator of the Bayu-Undan Joint Venture following completion of the acquisition of ConocoPhillips’ northern Australia and Timor-Leste 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.
Shares in Santos (ASX:STO) are trading 0.9 per cent lower at $6.37.