The company could lose control of its Bayu Undan project on Friday unless it agrees to give Dili a share of the project for free.
Santos could lose control of its Bayu Undan gas project north of Darwin on Friday unless it agrees with the Timor-Leste government to give it a share of the project, according to a letter from the country’s minister of petroleum seen by this masthead.
Monteiro said the production-sharing contracts, which give Santos and its partners rights to the project and which expire on August 30, were at stake. The August 19 letter to Santos vice president Vince Santostefano was copied to Timor-Leste Prime Minister Xanana Gusmao and the chief executive of TIMOR GAP.
If the production-sharing contracts expire, their terms require Santos and its partners to begin decommissioning Bayu Undan’s infrastructure at a cost of more than $US1 billion , according to the person familiar with the negotiations.Production from Bayu Undan has declined more slowly than expected. It is understood Santos has received six extensions to the contracts since 2020.
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