Industry News

Santos announces that the BW Opal FPSO (floating production, storage and offloading vessel) has successfully received first gas into the facility to commence production operations. This follows the BW Opal achieving ready for start-up status on 16 September 2025, and the commencement of flow from the subsea wells. This is a major milestone for Santos and its Barossa joint venture partners, PRISM Energy Australia1 and JERA Australia, in delivering the Barossa LNG project.

Santos is also pleased to report that all six wells drilled in the Barossa gas field have intersected excellent reservoir quality. Testing has been completed on five of the six wells, demonstrating outstanding flow capacity that exceeds pre-drill estimates, with expected average potential well deliverability of around 300 million standard cubic feet per day. This success underscores the robust capacity of the Barossa field to sustain long-term production.

Further, the Northern Territory Environment Protection Authority has renewed the Environment Protection Licence for Darwin LNG, commencing 19 September 2025. This paves the way for first gas into, and start-up of, the Darwin LNG plant.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said, “RFSU for the BW Opal marked the formal transition from project execution to production operations, following RFSU for the Darwin LNG plant upon completion of the life extension work scope and the commencement of production from the offshore subsea wells.

“First gas into the FPSO is an important step for the project and a credit to the hard work of our people and support from our partners. It puts us on track to deliver reliable energy to our customers and longterm value to our shareholders from Barossa LNG,” said Mr Gallagher.

The BW Opal is among the largest and most technically advanced FPSOs ever built, featuring a 358-metre hull and accommodation for up to 140 personnel. It has gas handling capacity of 850 million standard cubic feet per day and condensate handling capacity of 11,000 barrels per day. Industryleading combined-cycle power generation, incorporating waste heat recovery and steam turbine technology, was used to maximise energy efficiency and is expected to reduce non-reservoir emissions by more than 50 percent (over 0.75 million tonnes of CO2e per year) compared to the Offshore Project Proposal accepted by the regulator NOPSEMA.

The FPSO is the production centrepiece of Santos’ Barossa LNG project and will be permanently located in the Barossa gas field approximately 285 kilometres offshore from Darwin in the Northern Territory of Australia. It will feed the Darwin LNG plant for the next two decades.

With RFSU of the BW Opal, Santos will recognise a lease liability of ~US$665 million and a right-of-use asset value of ~US$1.4 billion comprising the lease liability, FPSO pre-payment and other direct costs. The impact of the operating lease liability is expected to increase gearing ~2.4 percentage points2.

Source : Barossa LNG FPSO receives first gas following RFSU

The Northern Territory Environment Protection Authority (NT EPA) met to consider an application from Santos NA Darwin Pipeline Pty Ltd (Santos) to renew Environment Protection Licence 217-04 under the Waste Management and Pollution Control Act 1998 for the Darwin LNG facility, located at Wickham Point.

The NT EPA decided to amend and renew the licence for a 5-year period.   In reviewing the licence renewal application, the NT EPA considered the need to improve oversight of fugitive emissions management, community engagement and transparency.  The licence renewal includes new conditions that require Santos to:

• prevent and manage fugitive methane emissions to a level that is as low as reasonably practicable (ALARP) and acceptable to the NT EPA
• implement a leak detection and repair (LDAR) program to reduce fugitive emissions from the facility
• monitor fugitive methane emissions from the Darwin LNG storage tank annually
• report to the NT EPA on the results of the LDAR program in the Annual Environmental Monitoring Report; and
• establish a Community Consultative Committee to better facilitate sharing of information with the community and other stakeholders and to ensure timely and open communication on matters of interest to the community about the facility and its operations.  

The NT EPA Chairperson, Dr Paul Vogel AM, did not participate in the discussion and decision on the licence renewal.

To view the licence go to Santos NA Darwin Pipeline Pty Ltd | NTEPA

Santos Limited (ASX: STO) (Santos) refers to the non-binding, indicative proposal (Indicative Proposal) announced on 16 June 2025 from a consortium led by XRG P.J.S.C., a subsidiary of Abu Dhabi National Oil Company and including Abu Dhabi Development Holding Company and Carlyle (the XRG Consortium), to acquire 100% of the issued shares of Santos via a cash scheme of arrangement (Potential Transaction).

On 25 August 2025 Santos agreed to a second extension of the Process and Exclusivity Deed (Process Deed) to enable the finalisation of the Scheme Implementation Agreement (SIA) and for the XRG Consortium to obtain all necessary approvals to enter into a binding transaction. The XRG Consortium confirmed that it had not found anything in due diligence that would lead it to withdraw its Indicative Proposal.

On 15 September 2025 the Santos Board advised the XRG Consortium that Santos expected to enter into an SIA at the agreed offer price of US$5.626 if a binding proposal was received from the XRG Consortium on acceptable terms on or prior to 19 September 2025. In response the XRG Consortium notified the Santos Board yesterday evening of its decision to withdraw its Indicative Proposal and not proceed with the Potential Transaction.

In that notification, the XRG Consortium confirmed that it maintains a positive view of the Santos business and has respect for the management team. The Santos Board had expressed its concern to the XRG Consortium about delays in agreeing the SIA. The XRG Consortium would not agree to acceptable terms which protected the value of the Potential Transaction for Santos shareholders, having regard to the likely extended timeframe to completion and the regulatory risk associated with the transaction. Further, the XRG Consortium would not agree to an appropriate allocation of risk between the XRG Consortium and Santos shareholders under the SIA. This included the obligation of the XRG Consortium to secure regulatory approvals and the provision of a reasonable commitment to the development and supply of domestic gas.

Santos continues to successfully execute its clear strategy to deliver superior shareholder value, with our base business generating strong, stable cash flows underpinned by our disciplined low-cost operating model. Our two major development projects, Barossa and Pikka phase 1, are well advanced and materially de-risked through our proven self-execute capability, positioning Santos for around a 30 per cent increase in production by 2027.

This ASX announcement was approved and authorised for release by The Board of Santos.

Read full announcement here: ASX/Media Release - XRG Consortium Withdraws.

The Finocchiaro CLP Government is strengthening international training ties, with Minister for Education and Training Jo Hersey set to visit Timor-Leste this week, to expand Vocational Education and Training (VET) partnerships.

As part of the CLP Government’s Rebuilding the Economy Strategy, the visit will advance joint workforce development initiatives, promote Territory business and skills expertise, and identify opportunities for NT providers in VET and PALM-aligned training services.

Minister Hersey will attend and speak at the second Timor-Leste International Skills Week, meet senior Timor-Leste officials, and visit key institutions, including:

• Saint Anthony’s International School, Dili – Sister School with Good Shepherd Lutheran College and Ngaatjatjarra College.
• CDU Aged Care Training Centre, Dili – Delivering Certificate III in Individual Support, and
• Pro-Ema Restaurant School, Dili – A charity supporting vulnerable girls and young women through education and training.

The trip builds on Minister for Trade, business and Asian Relations, Robyn Cahill’s recent trip, which launched the Empowerment Through Energy Program and a new crocodile management initiative.

“The Northern Territory is proud to support Timor-Leste through joint training initiatives, institutional partnerships, and the exchange of knowledge and expertise,” Minister Hersey said.

“The work we are doing together in this year of action, certainty and security - particularly in vocational training - strengthens not only our economies, but also the friendship between our people.”

“Our partnership is about building a long-term framework of cooperation in skills, workforce development and economic opportunity that will benefit both our nations.”

The estimated cost for the Minister and one advisor is approximately $6,000. Final costs will be reported following the trip in line with standard reporting processes.

Source: Northern Territory Government Newsroom

Chief Minister Lia Finocchiaro has signed a historic Strategic Agreement with INPEX Corporation Director, Senior Executive Vice President, General Administration and Oceania Projects Head of Overseas Projects, Hitoshi Okawa, advancing the Northern Territory’s economic and strategic future.

The agreement was signed during the Chief Minister’s first overseas mission to Tokyo, reinforcing the Territory’s role as Japan’s most reliable energy partner.

“Approximately ten percent of Japan’s annual LNG needs are supplied from Darwin, making us not only economic partners, but strategic ones,” Chief Minister Lia Finocchiaro said.

“This Strategic Agreement with INPEX aligns with moves by Australia and Japan to strengthen our mutual economic, energy and security ties.

“In a mark of respect to our largest trading partner, my first overseas visit as Chief Minister has been to Tokyo, signalling the next era of Japanese investment and cooperation in the Territory.

“This agreement also formalises support for the exploration of INPEX’s decarbonisation journey with Carbon Capture and its broader renewable energy footprint which translates to real investment in the Territory.”

The new Strategic Agreement builds on this legacy, formalising shared priorities to:

• Boost Japanese investment into the Northern Territory.
• Expand skills and training for Territorians.
• Maximise service and supply opportunities for local businesses.
• Secure energy reliability for both the NT and Japan.
• Deliver on the path to net zero by 2050.

The Chief Minister and Mr Okawa also established an inaugural Coordination Committee to provide joint oversight and drive implementation of deliverables within the strategic agreement, with the first meeting set to take place in Darwin next month.

“I look forward to the Coordination Committee working through next steps to deliver value to Territorians,” Mrs Finocchiaro said.

Mr Hitoshi Okawa said the signing of the Strategic Agreement to Advance our Shared Interests will help underpin INPEX’s vision for creating sustainable long-term value in Australia.

“With the heart of our global business in Darwin, as operator of Ichthys LNG and the Bonaparte CCS assessment project, INPEX is proud to contribute to positive outcomes in the Territory through jobs, training, social and economic benefits”. 

“We look forward to continuing working together with the Northern Territory Government to realise our shared multi-decade Strategic Agreement”.  

Chief Minister Lia Finocchiaro will return to Australia tomorrow after visiting Tokyo since Tuesday evening.

The estimated cost of the trip for the Chief Minister and her Chief of Staff is $17,000, with final costs to be published on the Department of the Chief Minister and Cabinet website in line with government requirements.

Source: Northern Territory Government Newsroom

• Since successfully stimulating Carpentaria-5H with 67 stages across a 2,955 metre lateral length of the wellbore in July 2025, Beetaloo Energy has been focused on cleaning up the well in preparation for the IP30 flow test
• During the clean-up phase, flowback has been conservatively managed to prioritise production of pumped water while maintaining the quality of the fracture network that has been established for long-term gas productivity
• Beetaloo Energy has focused on returning pumped water to surface while cleaning up to optimise gas production over the life of the well
• Beetaloo Energy has observed substantial associated gas flows during this clean up period (see gas flare image below) and gas flows have continued to increase during this period
• The well has now been shut in for a period of ‘soaking’ prior to commencement of IP30 flow testing
• IP30 flow test results are expected to be announced in October 2025

Source: News & Media from Beetaloo Energy

Highlights

• Tamboran Resources Corporation has received approval from the Northern Territory Government (NTG) to sell appraisal gas from its exploration permits in the Beetaloo Basin under the Beneficial Use of Gas (BUG) legislation.
• This is the first approval granted by the NTG through the new BUG legislation and follows the recent consent from Native Title Holders for the sale of up to 60 TJ per day from the Shenandoah South (SS) Pilot Project over a three-year period.
• The Beetaloo Joint Venture (BJV) now holds all necessary approvals to sell gas from the SS Pilot Project. The project aims to begin gas sales of up to 40 TJ per day to the NTG under a binding Gas Sales Agreement (GSA) commencing in mid-2026, subject to weather conditions.
• Drilling of the three remaining wells required for plateau production for delivery into the GSA is progressing, with the intermediate section completed on all three wells. Tamboran is currently drilling the horizontal section in the Mid Velkerri B Shale at the SS-5H well.
• Stimulation of the SS-4H well is planned for 4Q 2025, followed by a 30-day flow test before being connected to the Sturt Plateau Compression Facility (SPCF) for gas sales to the NTG.

NEW YORK--(BUSINESS WIRE)-- Tamboran Resources Corporation (NYSE: TBN, ASX: TBN)

Tamboran Resources Corporation Chairman and Interim CEO, Richard Stoneburner, said:

“The BJV has secured an important milestone, being the first joint venture to secure NTG approval to sell gas under the BUG legislation. This approval will allow the BJV to sell gas to the NTG under a long-term GSA, delivering energy security to Territorians.

“The BUG legislation has been a significant initiative undertaken by the Government, which allows for gas volumes to be sold into the market during the exploration and appraisal phase of the project life. Gas that would have historically been flared on site will now be delivered into the local Northern Territory gas market, delivering much needed energy security to the market that is predominantly powered by gas. It will also deliver accelerated royalties to the NTG and Native Title Holders.

“We thank the NTG and Native Title Holders for their support in securing such a historic milestone and we look forward to continuing to work alongside these key stakeholders as we unlock the potential of the Beetaloo Basin.”

Source:Tamboran Resources Corporation

The Finocchiaro CLP Government has introduced landmark reforms to the Northern Territory’s electricity market and system to deliver system security and reliability at lowest cost, and to encourage the investment needed to rebuild the Territory’s economy.

After consecutive blackouts last week and today, these reforms are critical to delivering a stable, modern, and future-ready electricity system for Territorians.

The NT Electricity System and Market Operator (NTESMO) Bill 2025 and Electricity Legislation Amendment (Market Reform) Bill 2025 will establish NTESMO as an independent system controller and market operator, introduce centralised planning and procurement powers and processes, and deliver a clear framework of electricity market rules in line with industry best practice.

Minister for Mining, Energy and Renewables Gerard Maley said the much-needed reforms will maximise purchasing power, put downward pressure on system costs and facilitate a more stable and reliable electricity system, future-proofed for Territorians.

“Last week we saw a mass power failure because of a lack of investment into our generators and other electrical assets, which are reaching the end of their life. This is a stark reminder that our current ageing energy infrastructure is no longer fit for purpose,” Minister Maley said.

“Our Government is proactively fixing another legacy problem to keep the lights on through contemporary reforms and address our neglected, unreliable energy system.”

The legislation removes unnecessary red tape for investors and introduces a contemporary and fair energy framework for Territorians, with a strong focus on energy affordability.

Minister Maley said the reforms represent a significant overhaul of the Electricity Reform Act 2000, providing a future-proofed and streamlined approach tailored to the Territory’s unique circumstances.

“We want to have a clear, whole-of-system electricity investment plan, de-risking investment, promoting industry confidence and optimising costs through centralisation and strengthened governance measures. This will provide commercial certainty for electricity project proponents and benefit Territorians for generations to come,” he said.

The reforms also consider consumer energy patterns across the Territory, including the increasing uptake of solar and the vital role of gas, while removing barriers for emerging technologies.

“These reforms are not just technical changes. They are the foundation of a modern electricity system for Darwin, Katherine, Tennant Creek and Alice Springs, restoring confidence in our infrastructure for Territorians,” Minister Maley said.

“The changes complement our natural advantages in gas and solar as part of the Territory’s energy mix — underpinning reliability and securing the Territory’s economic future.”

Source: Northern Territory Government Newsroom

In 2022, Crowley Australia began construction on 11 tanks for the storage of fuel.

It was under the former Labor Government that the fuel tanks were allowed to be built without a building permit - a reckless failure of oversight that put our community’s confidence in the process at risk.

As Minister for Lands, Planning and Environment, I ordered this matter be properly investigated to make sure Territorians could have confidence that the tanks would not cause irreparable damage to our environment.

Since then, Crowley Australia has returned a signed compliance statement from an independent structural engineer stating that the facility meets the National Construction Code and relevant Australian Standards.

NT Fire and Rescue Service has reviewed the engineering reports submitted by Crowley’s fire safety engineer and is satisfied that all national construction codes are met.

Today, I made a declaration under the Building Act that occupancy certification is not required for the fuel facility. The current legislation does not allow for a Building Permit to be issued retrospectively.

This decision follows the review of reports provided by Crowley’s independent structural engineer and an assessment by the Northern Territory Environment Protection Authority.

Crowley Australia has obtained full environmental approval and demonstrated that the bunds surrounding the tanks have the capacity to contain all of the fuel in the tanks. The independent structural engineer has confirmed that the tanks are constructed to withstand winds equivalent to a Category 4 cyclone under the Bureau of Meteorology’s cyclone categories.

The project represents an important investment in the Northern Territory and will form a critical asset within the Northern Australia Defence Hub, supporting future economic growth and strategic capability.

Source: Northern Territory Government Newsroom

APA announces the registration of an Indigenous Land Use Agreement (ILUA) with Traditional Owners for the Sturt Plateau Pipeline (SPP) in the Northern Territory.

Facilitated by the Northern Land Council (NLC), in accordance with its statutory functions, this milestone closes out the necessary Traditional Owner consents required to move forward with the project, complementing the separate and existing agreement in place between Traditional Owners and APA’s customer for the SPP, Tamboran Resources.
 
APA’s ILUA establishes a clear framework for engagement with Traditional Owners as APA progresses the SPP, setting out arrangements addressing social, economic, and environmental considerations and ensuring structured and ongoing collaboration with relevant Traditional Owners throughout the life of the project.
 
APA CEO and Managing Director Adam Watson said the agreement underlines APA’s ongoing commitment to strong engagement with Traditional Owners as it progresses the SPP project.
 
"The Sturt Plateau Pipeline is the crucial first-stage link to enable Beetaloo gas to reach power generation assets that keep the lights on across the Northern Territory and this agreement provides the required consent from Traditional Owners to progress this important project.
 
“The registration of this ILUA provides a strong foundation for the Sturt Plateau Pipeline to proceed in close partnership with Traditional Owners, ensuring the project is delivered safely and responsibly. This is a critical milestone as we work to maintain positive and lasting relationships with Traditional Owners and builds on the agreement already in place with APA’s customer."
 
The SPP is a 37-kilometre pipeline that will connect Tamboran’s Shenandoah South Pilot Project in the Beetaloo Basin to APA’s Amadeus Gas Pipeline (AGP). The new infrastructure will ensure Beetaloo gas is available to support power generation in the Northern Territory from 2026.
 
The project has received a pipeline licence from the Northern Territory Government. Construction is scheduled to commence September 2025, with the estimated ~$66.5 million project to be completed in early 2026.
 
APA will continue to engage closely with Traditional Owners, landholders, and other stakeholders as the project advances.

Source: APA Group