Barossa Gas Field project good for Australia’s resource sector
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The final decision to develop the Barossa Gas Field is welcomed by Minister for Resources, Water and Northern Australia Keith Pitt.
Minister Pitt joined Santos CEO Kevin Gallagher, Senator for the Northern Territory Dr Sam McMahon, and the Northern Territory Chief Minister Michael Gunner in Darwin to mark the significant milestone for the Barossa LNG backfill project and the Darwin LNG facility.
The world-class Barossa field contains over 4.5 trillion cubic feet of recoverable gas resources and nearly 50 million barrels of condensate. This field will provide backfill gas for the Darwin LNG facility at Wickham point, ensuring that Darwin LNG remains operational for the next 15 -20 years.
“The final investment decision for the Barossa project is a tremendous show of confidence in the long-term future of Australia’s resource sector,” Minister Pitt said. “It is also a great sign that oil and gas market conditions have improved.”
Senator for the Northern Territory Dr Sam McMahon said the project would be a major economic boost to the Territory as it will provide much needed jobs. Likewise, the development of the field will provide opportunities to capitalise on value adding with new industries.
“The NT is uniquely placed to develop a thriving petrochemical industry, amongst others, on the back of this announcement. It comes at a time when the NT couldn’t need it more, our economy was in tatters before COVID and we desperately need business and industry to get us back on track.” said Dr McMahon.
Santos Chief Executive Officer and Managing Director Kevin Gallagher said the project will unlock new business and export opportunities for the nation. The project is set to create 600 jobs throughout the construction phase and secure 350 jobs for the next 20 years of production at the Darwin LNG facility. It is also expected to produce an average of 3.5 million tonnes of LNG a year, providing valuable LNG export revenue, secure jobs and business opportunities.
Santos and its joint venture partners will begin production of the Barossa field in 2025.
“I want to congratulate everyone involved in the project, including Kevin Gallagher, everyone at Santos and in the Joint Venture in making this decision. Progress on the Barossa project means new investment, economic growth and development in the Northern Territory, and for Australia.” Minister Pitt said.
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