Santos, one of Australia’s largest oil and gas producers, has given the go-ahead to its $4.7 billion Barossa gas project north of Darwin after its plans were put on hold last year amid the coronavirus-driven market crash.
“As the economy re-emerges from the COVID-19 lockdowns, these job-creating and sustaining projects are critical for Australia, also unlocking new business opportunities and export income for the nation,” Santos managing director Kevin Gallagher said. Santos and other ASX-listed oil and gas companies were forced to slash their spending budgets, cut back drilling and halt growth plans last year as coronavirus restrictions began hammering energy demand and prices.Australia’s exports of LNG, a fuel widely used in power generation, heating and manufacturing, fell sharply last year from $50 billion to $33 billion, as commodity prices fell.
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