Santos has entered into an agreement for the acquisition of ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon. The deal is worth $1.39 billion plus a $75 million contingent payment subject to FID on Barossa, and it reduces Santos’ forecast 2020 free cash flow breakeven oil price by $4 per barrel.
Santos says the acquisition delivers operatorship and control of strategic LNG infrastructure with growth potential, and it advances Santos’ goal of taking Barossa FID by early 2020. Santos is prepared to sell down equity in Barossa and Darwin LNG to a target ownership of 40-50 percent to achieve increased partner alignment.
Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.