The gas producer drew criticism from an activist shareholder group by refusing to concede its $5.8 billion project is running late.
Santos has taken steps to start installing the pipeline for its $5.8 billion Barossa gas project in the Timor Sea, even as it awaits regulatory approvals for the drilling work it was forced to suspend more than a year ago due to a court ruling.
Chief executive Kevin Gallagher has said drilling at Barossa needs to resume by the end of the year to avoid a delay to the start-up of the project, which is intended to supply replacement gas for the Darwin LNG plant, which ships cargoes to Japan and South Korea.Santos reiterated that view in its quarterly report, noting construction at Barossa is now 68 per cent complete.
“Investors will be questioning Santos on how it can lose a year in the drilling schedule and still be on track,” ACCR executive director Brynn O’Brien said in a statement released shortly after Santos’ quarterly report.
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