Santos (ASX: STO) scales back financial commitment to Narrabri, faced with Port Kembla Import Terminal competition
Santos’ grandiose promise of investing $3.6 billion on the Narrabri Gas Project is shrinking, despite the 850+ well gas field gaining planning approval from the NSW Independent Planning Commission (IPC). Australian Financial Review’s Angela Macdonald-Smith has reported on Citi’s 12th Annual Australia and New Zealand Investment Conference 2020, where Santos Managing Director Kevin Gallagher “scoffed” at the long-held investment estimate. “It’s nowhere near that cost, it’s a very revamped project from the days of 2014-2015”. Kevin Gallagher, Santos CEO Really? Santos has only just completed a 3½ year planning process since the release…continue reading →