The impairments came despite oil and gas reserves increasing to record levels.
Santos will take $US328 million in write-downs after cutting the amount of oil and gas reserves estimated in fields off Western Australia and other late-life ventures, despite lifting total reserves to a record level.
Woodside also said it would record a deferred tax asset for petroleum resource rent tax at its Pluto LNG venture of about $US1.36 billion, translating to a PRRT benefit for the full year of $US290 million-$US330 million. Shares in Santos were down 0.5¢ at $7.065 in mid-afternoon trading, while Woodside was off 1.3 per cent at $36.155.
The approval appears to be one of the most significant since last year’s Federal Court ruling that overturned the authority’s approval of Santos’ Barossa project in the Timor Sea,Still, Credit Suisse analyst Saul Kavonic said there was “still a long way to go” on Dorado, where a final investment decision was likely still “a couple of years away, or longer”.
Carnarvon Petroleum CEO Adrian Cook said that critically, the scope of the project proposal accepted by NOPSEMA allowed for nearby discoveries such as Pavo to be connected into the offshore production vessel to be used at the site.
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