Santos-Beach JV to boost Cooper basin gas
Santos and its joint venture partner Beach Energy have committed to works in the Cooper basin to boost gas supply to the domestic market, Santos said on June 6.
This programme of works, which includes bringing a fifth drilling rig into the basin and optimising well connections, aims to deliver an additional 15 terajoules/day of gas by the end of the year.
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"Santos will invest more than $300mn (A$430mn) in the Cooper basin this year developing and supplying critical fuels such as natural gas for our customers," CEO Kevin Gallagher said. "This investment will deliver more gas to the domestic market, which is desperately needed.”
Gallagher said that the recent domestic gas supply and price pressures have been caused by a spike in gas-fired power generation to back up renewables and to replace the 30% or more of coal-fired power generation that has been offline or not operating since early May.
"This incremental investment in the Cooper basin fits with our low cost, disciplined operating model and builds on Santos' commitment to meeting the fuel needs of our customers,” he said.