Santos, GDF SUEZ to review alternative development concepts for Bonaparte LNG
ADELAIDE, Australia -- Santos (40%) and GDF SUEZ (60%, operator) reported that the Bonaparte LNG project will consider other potential development options, in addition to the floating LNG concept, to develop the Petrel, Tern and Frigate natural gas fields, 250 km offshore Darwin. These options will include a pipeline connection to Darwin, in Australia’s Northern Territory.
While the partners firmly believe the fields have material value, having been fully appraised, their future development using floating LNG technology, although technically robust as demonstrated during extensive pre-FEED studies, does not currently meet the companies' commercial requirements.
Consequently, the proposed Bonaparte floating LNG project will not be taken into the FEED phase at this point in time, they reported.
Santos received a cash consideration of $200 million when the Bonaparte LNG JV was formed, and has received a full carry on study and development costs by GDF SUEZ.