Santos announces financing of Darwin LNG life extension works
The Darwin liquefied natural gas (LNG) joint venture (JV), operated by ASX-listed Santos, has achieved financial close of new syndicated bank loan facilities totalling $800-million.
The facilities comprise a $350-million, seven-year partially amortising loan maturing in 2031 and a $450-million, 12-year partially amortising loan maturing in 2036.
Santos CEO Kevin Gallagher said this was an excellent result for Darwin LNG, showing strong support from bank lenders, and demonstrating their recognition of LNG as a critical part of the energy transition and willingness to support the LNG industry.
“With these facilities in place, Darwin LNG is well-funded to complete the life extension works scheduled for mid-2025 and it positions Darwin LNG to consider future expansion of this important infrastructure, including through the potential provision of third-party carbon capture services in Darwin,” Gallagher added.
Darwin LNG has successfully processed LNG for sale into overseas markets since it was commissioned in 2006. Following cessation of LNG production from the Bayu-Undan field in late 2023, Darwin LNG is undertaking ‘life extension’ works to extend the design life of the plant and to provide gas processing and marine loading services under long-term contract to the Barossa JV, which will supply feed gas from an offshore gas and light condensate project situated about 300 km north of Darwin.
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