Australian energy company Santos Limited and US oil major ConocoPhillips have created a joint venture
Australian energy company producing oil and gas Santos Limited and US oil major ConocoPhillips have created a joint venture in the giant Bayu-Undan liquids and LNG projects. The both firms have joined forces to explore another Timor Sea prospect.
Santos announced that its subsidiary, Santos Offshore Pty Ltd, has concluded a farmout arrangement with ConocoPhillips' subsidiary, ConocoPhillips Australia Exploration Pty Ltd, to jointly participate in exploring a major gas prospect in the NT/P61 license area in the Timor Sea.
ConocoPhillips will earn 60% equity with Santos, which holds 40% equity.
"Santos and ConocoPhillips have reached an understanding with respect to the use of existing infrastructure in the event of a significant gas discovery," Santos Managing Director, Mr. John Ellice-Flint, said today.
"The Timor Sea region is developing as an important gas province and both companies are very familiar with the geology and the domestic and export gas market opportunities in the area.
"We look forward to working closely with ConocoPhillips to add further large reserves that may add to the encouraging outlook for this region."
