29/04/2022 - 15:58

JERA $460m Barossa deal completed

29/04/2022 - 15:58

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A Japanese business has completed the purchase of a $US327 million stake in Santos’ Barossa gas project, just a week after reports suggested South Korean financing was in jeopardy.

JERA $460m Barossa deal completed
LNG is one of Australia's top exports.

A Japanese business has completed the purchase of a $US327 million stake in Santos’ Barossa gas project, just a week after reports suggested South Korean financing was in jeopardy.

Adelaide-based Santos told markets today it had completed the sale of 12.5 per cent of Barossa to Japanese energy company JERA.

The nearly $5 billion Barossa project in the Timor Sea was given a final investment decision in March last year, with the field to backfill gas to the Darwin LNG plant.

Barossa was 33 per cent complete at the end of March and is on track to be pumping gas in the first half of 2025, Santos said today.

Santos now owns 50 per cent of Barossa, with South Korea’s SK E&S holding 37.5 per cent.

Last week, media reports said South Korea’s export bank KEXIM had delayed a decision on investing into SK E&S.

That, and a court battle, could potentially derail the project, opponents had claimed.

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