Industry News

Highlights

• During the quarter, Tamboran delivered record Beetaloo Basin IP30, 60 and 90 flow testing from the Shenandoah South 2H sidetrack (SS-2H ST1) over a 5,483-foot stimulated horizontal within the Mid Velkerri B Shale.
• Over the last 30 days of the production test, flow rates from the SS-2H ST1 well increased by ~2% without any downhole intervention and maintaining a 44/64” choke.
• In July 2025, Tamboran commenced the largest drilling program in the Beetaloo Basin to date. The program includes three batch drilled wells (SS-4H, -5H and -6H), each with a 10,000-foot horizontal section.
• The SS-4H and -5H wells have been successfully drilled to target depth (TD), while the SS-6H well is preparing to commence building the curve and drilling the horizontal section. The program is currently in line with timeline and budget.
• Tamboran agreed terms with Native Title Holders to avoid flaring and received consent to sell appraisal gas from the proposed Shenandoah South Pilot Project over a three-year period. Subsequently, the Northern Territory Government (NTG) approved the sale of appraisal gas under the Beneficial Use of Gas (BUG) Legislation.
• Tamboran commenced the formal farmout process of the ~400,000-acre Phase 2 Development Area with RBC Capital Markets. Updates will be provided to the market at the appropriate time.
• In July 2025, Mr. Dick Stoneburner was appointed interim CEO and will serve as Chair and interim CEO until a new successor is named. This follows former CEO and Managing Director, Mr. Joel Riddle stepping down.
• Mr. Scott Sheffield and Mr. Phillip Pace were appointed as Non-Executive Directors of Tamboran. Mr. John Bell Sr. stepped down from Tamboran’s Board of Directors.
• As of June 30, 2025, the Company had a cash balance of US$45.2 million, with expected future receivables of ~US$26 million from proceeds from Tranche 2 of PIPE Transaction and DWE acreage sale.

Source : Tamboran Resources Corporation

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The Territory’s energy future takes a major step forward, as the Finocchiaro CLP Government signs off on the Sturt Plateau Pipeline – the first to carry gas directly from the Beetaloo Sub-basin.

Acting Chief Minister and Minister for Mining and Energy, Gerard Maley, said the approvals demonstrate the Government’s commitment to delivering its year of action, certainty and security.

“Earlier this month, we announced the granting of the pipeline licence for the SPP, and approval for Tamboran to begin work on its $140 million Sturt Plateau Compression Facility (SPCF).

“Today we’re laying down the pipelines that will rebuild the economy, create more than 200 jobs, and strengthen energy supply for Territorians,” Mr Maley said.

“It’s full steam ahead for APA Group, which has already invested $2.25 million into local businesses and contractors engaged in works.”

The APA Group will fully own and operate the Sturt Plateau Pipeline, which is expected to be completed in early 2026.

The 12-inch diameter pipeline will transport up to 40 terajoules of gas per day from Tamboran’s Pilot Project, powering Territory homes and businesses from mid-2026. The pipeline will be located in the Roper Gulf Region, about 50 km south of Daly Waters, and has an expected operational life of around 40 years.

Looking ahead, APA is planning for the SPP to carry additional volumes to the east coast, while also progressing early works on the proposed North to East Australia Pipeline.

Together, these projects would enable large-scale commercial gas development in the Beetaloo to directly supply both domestic and export markets.

APA Group welcomed the approvals, CEO and Managing Director Adam Watson said:

“This pipeline is a critical first step in developing the Beetaloo Basin and strengthening energy security, transporting gas to power generation assets in Darwin via APA’s existing Amadeus Gas Pipeline.

“The project will generate about 150 jobs during peak construction over the next year. It also lays the foundation for future development, with the potential to deliver Beetaloo gas at scale to support Territory growth, east coast energy security, and global decarbonisation.”

Source: Northern Territory Government Newsroom

The Northern Endeavour floating production, storage and offloading (FPSO) vessel is finally on its way from the Timor Sea, ENB can exclusively reveal this evening.

The vessel - a shadow of the former gleaming facility it once was - is now enroute to Singapore before it will go on to Denmark where it will be dismantled and recycled. 

The news brings to an end the long running saga of the dilapidated vessel which for the last five years has been something of an albatross around the neck of the government after it fell in to their hands when its last owner went into liquidation.

As reported, last week the final one of its nine anchor chains were cut. Now two tug boats – the Skandi Emerald and the Normand Sirius - are starting the 18-day journey to a dry dock in Singapore where it will undergo some repairs and given a repaint.

After that it will be loaded on to Cosco's Hua Rui Long for its final journey to Modern American Recycling Services (MARS)'s shipyard in Denmark where it will be dismantled and recycled.

However, the Maritime Union of Australia has launched a last-ditch attempt to stop the Northern Endeavour floating production, storage and offloading (FPSO) vessel being sent overseas for its decommissioning.

The union says the government needs to close loopholes that have allowed offshore oil facilities to be exported for dismantling overseas without the hazardous waste permits normally required.

"Australia is a global citizen and has international obligations under the Basel Convention, yet we run no permit system on the disposal of FPSOs. We are sending hazardous waste offshore under a legal vacuum and missing the chance to build local industry capacity," said MUA assistant national secretary Thomas Mayo.

"FPSOs contain toxic materials that must be responsibly dealt with as we do in Australia. When they are sent overseas without proper permits, foreign workers and communities are left to face the health and environmental risks.

"At the same time, Australia loses the opportunity to develop a safe and skilled decommissioning industry at home. Closing the loophole would mean these vessels are dismantled responsibly, protecting people and the environment while creating local jobs and economic opportunities," Mayo added.

The MUA says in order to allow the Northern Endeavour to be recycled abroad, the Commonwealth has invoked the OECD Control System for the first time in relation to an FPSO.

This follows the Ningaloo Vision, which was sent to Indonesia last month with no permit whatsoever. The MUA believe others may have also been exported under this permitting gap and says there are more in the pipeline.

The MUA has officially called for the Northern Endeavour to be prevented from leaving the Timor Sea until the permitting requirements are met, explain why FPSOs have been allowed to leave without checks and balances, and amend the Hazardous Waste Act to close the loophole and bring FPSOs within Australia's permitting framework.

A spokesperson for the resources minister Madeleine King told ENB the Department of Industry, Science & Resources is satisfied that the MARS proposal will comply with international conventions and agreements, including the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal.

"The Australian Government is committed to protecting the marine environment, ensuring the safety of offshore resources sector workers, and complying with all legal requirements and international treaties as part of our efforts to decommission the Northern Endeavour FPSO.

"There will be ongoing opportunities for domestic industry involvement in the Northern Endeavour decommissioning program. The Government will be releasing procurement opportunities for future decommissioning phases on AusTender. 

"The Australian Government is committed to supporting the growth of a decommissioning industry in Australia and supporting the creation of new jobs in Australia's decommissioning industry."

Source: Energy News Bulletin

As part of the Finocchiaro CLP Government’s year of action, certainty and security, the Northern Territory will be showcased on the global stage at World Expo 2025 Osaka this week. The event is expected to attract more than 28 million visitors from 150 countries.

Japan is the Territory’s largest trading partner, with exports worth more than $1.5 billion annually, and the Expo offers a powerful platform to strengthen this relationship while opening new pathways for Territory businesses.

Minister for Trade, Business and Asian Relations, Robyn Cahill, will lead a 20-member Territory delegation from 18 organisations across industries including hospitality, agriculture, art and culture, energy, digital and AI.

“This isn’t just about showcasing the Territory – it’s about securing trade deals, opening new markets, and attracting investment that creates jobs for Territorians,” Ms Cahill said.

In the Australia Pavilion, the NT will showcase its world-class produce, including Humpty Doo saltwater barramundi, Hewitt Foods beef, Rum Jungle buffalo, Austral prawns, Greenview Farm melons and Territory gin from Darwin Distilling.

Cultural highlights will feature artwork from Merrepen Arts Centre and Marrawuddi Arts and Culture, supported by the Darwin Aboriginal Art Fair Foundation, along with a performance by Arnhem Land Songman and ceremony leader Ngulmiya.

The Northern Territory Government will also host a signature energy event in the Pavilion: Australia’s Northern Territory – Globally Significant Gas Resources Set to Drive Cleaner Energy Production.

The event will include a keynote from Mr Tetsu Murayama, Managing Director and Country Chair Australia, INPEX, and a panel discussion with:

• Mr Dick Stoneburner, Chair and Interim CEO, Tamboran
• Mr Peter Cleary, Chairman / Non-Executive Director, Beetaloo Energy Australia
• Mr Sean Pitt, EVP – Marketing, Trading & Shipping, Santos

“On and offshore gas is important, and we are working with industry to increase their local workforce and minimise their reliance on FIFO,” Ms Cahill said.

The session will highlight downstream value-adding opportunities and position the NT as a leader in Asia’s clean-energy transition.

The delegation will promote local businesses and Indigenous enterprises, helping them access international markets and attract investment that supports Territory jobs and regional communities.

“Every Territory business we showcase is another opportunity to grow exports, create jobs and strengthen our economy. This delegation ensures Territorians benefit directly from global trade opportunities. 

"While in Japan, I'll also be pursuing high-level meetings with Japanese partners to strengthen ties in clean energy, mining, resources and digital technology,” said Ms Cahill.

The estimated costs for the Minister and one staff member are approximately $19,000 with final costs to be reported after the trip in line with standard reporting processes.

Source: Northern Territory Government Newsroom

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