Overview

• First gas was delivered on September 20 following Ready for Start-Up on September 16, placing the FPSO in operation on a 60% dayrate.
• An Interim Performance Test will lift the payable dayrate to 85%, with Practical Completion to trigger full payment and start the 15-year firm charter.
• Designed to process about 850 million standard cubic feet of gas per day and 11,000 barrels per day of stabilised condensate, the FPSO will supply Darwin LNG from the Barossa field roughly 285 km offshore Darwin.
• Santos says testing on five of six drilled wells shows flow capacity above estimates, supporting sustained production rates.
• Regulatory readiness includes a renewed environmental licence for Darwin LNG starting September 19, and Santos expects to recognise about $665 million in lease liabilities and roughly $1.4 billion as a right-of-use asset with RFSU.