Allens has advised Santos Limited on the sale to SK E&S of a 25 per cent interest in the Darwin LNG facility and the Bayu-Undan gas fieldUS$390 million. The completion of the sale was announced by Santos on 30 April 2021.
The transaction is the most recent stage in Santos’ strategic alignment of interests in the Barossa Project – the final investment decision for which was announced on 30 March 2021 – and Darwin LNG. It also follows Santos’ acquisition of ConocoPhillips’ northern Australian assets, completed in May 2020, on which Allens also advised.
‘We congratulate Santos on this important sale, which brings them another step closer to bringing Barossa gas into production through the Darwin LNG facilities,’ said lead Partner Igor Bogdanich.
‘We’ve seen a significant increase in M&A activity in the oil and gas sector over the past two years, including in the LNG and infrastructure space, a trend we expect to see continue.’