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STO - Santos Limited

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Could be an issue to watch and may affect WDS also, or could be a storm in a tea cup, just a heads up. ;)

STO - Santos Limited

I'm a Democrat by nature but see them beset by a form of political leprosy atm. and would prefer a RINO, which seems in reality impossible given the strive in which the RNC finds itself. Very nice to see you can still rise to the occasion and respond to the bait ;) All the very best dig. bux
www.aussiestockforums.com www.aussiestockforums.com

An unknown number of disused wells off the West Australian coast leaking gas for at least 10 years are impossible to fix, according to gas producer Santos, putting it at odds with the offshore environment regulator.

The leaks at the Legendre field, 105 kilometres north of the Pilbara port of Dampier, were first spotted by an underwater remotely operated vehicle in 2013, two years after work was done to seal them permanently.

Santos submitted a plan to regulator NOPSEMA in early 2022 that rejected action to stem the leaks as “not technically feasible”. Instead, the company proposed to monitor them for another five years.
NOPSEMA would not comment on Santos’ plan as it was under assessment, but was clear about its policy.

“NOPSEMA would never accept that gas wells leak indefinitely,” a spokesman said.

NOPSEMA regulates 873 offshore oil and gas wells: 457 are operating, and 326 are not in use. Its spokesman said the remaining 90 had been plugged and abandoned and were waiting on it to accept the work as properly completed.

A Santos spokeswoman said it had engaged the CSIRO to monitor the leaks.
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“Findings to date show that the gas is non-toxic and unlikely to present an environmental hazard,” she said.
In 2021, gas bubbles up to 10 millimetres in diameter were measured leaking from 26 locations at a total rate of 187 cubic metres a year.
After a further five years of monitoring and studies, Santos proposed to determine the environmental consequence of the leaks. For a moderate risk, Santos would keep monitoring the wells and reconsider if the leaks could be stopped.

If Santos assessed the risk to be negligible, it planned to stop monitoring the leaking wells.
Legrendre was originally operated by Woodside on behalf of its other owners Santos and US-based Apache. Woodside sold its interest to Apache, which managed the abandonment of most of the wells, in 2007. Santos acquired total control in 2018.
 

"Santos blocked from pipeline work on $5.3bn Barossa project in latest Federal Court blow​

Santos cannot begin installing undersea pipelines for its $5.3bn Barossa project as planned due to cultural heritage risks, a Federal Court has ruled, in a hammer blow to the company’s hopes of producing first gas by early 2025.
Lawyers for Tiwi Islands traditional owner Simon Munkara this week sought an injunction from Federal Court judge Natalie Charlesworth to stop work on the 262km pipeline off the Tiwi Islands from beginning, insisting it would cause irreparable harm to traditional owners’ connection to sea country.

In a ruling on Thursday, Justice Charlesworth said there was merit to Mr Munkara’s argument and that it should be heard at a full hearing on November 13.

“I am satisfied that if the works would continue and Santos was found to be in breach … there would be irreparable damage to Mr Munkara,” Justice Charlesworth said.

Santos cannot begin work on the gas pipeline until a ruling from that hearing is issued."

I thought we voted NO to this environmental activism mascaraing as Aboriginal culture.
 
Check out the candle on STO today. Previous support has been at 6.75

Not Held

DAILY
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sptrawler said:
Could be an issue to watch and may affect WDS also, or could be a storm in a tea cup, just a heads up. ;)

STO - Santos Limited

I'm a Democrat by nature but see them beset by a form of political leprosy atm. and would prefer a RINO, which seems in reality impossible given the strive in which the RNC finds itself. Very nice to see you can still rise to the occasion and respond to the bait ;) All the very best dig. bux
www.aussiestockforums.com www.aussiestockforums.com

An unknown number of disused wells off the West Australian coast leaking gas for at least 10 years are impossible to fix, according to gas producer Santos, putting it at odds with the offshore environment regulator.

The leaks at the Legendre field, 105 kilometres north of the Pilbara port of Dampier, were first spotted by an underwater remotely operated vehicle in 2013, two years after work was done to seal them permanently.

Santos submitted a plan to regulator NOPSEMA in early 2022 that rejected action to stem the leaks as “not technically feasible”. Instead, the company proposed to monitor them for another five years.
NOPSEMA would not comment on Santos’ plan as it was under assessment, but was clear about its policy.

“NOPSEMA would never accept that gas wells leak indefinitely,” a spokesman said.

NOPSEMA regulates 873 offshore oil and gas wells: 457 are operating, and 326 are not in use. Its spokesman said the remaining 90 had been plugged and abandoned and were waiting on it to accept the work as properly completed.

A Santos spokeswoman said it had engaged the CSIRO to monitor the leaks.
Loading
“Findings to date show that the gas is non-toxic and unlikely to present an environmental hazard,” she said.
In 2021, gas bubbles up to 10 millimetres in diameter were measured leaking from 26 locations at a total rate of 187 cubic metres a year.
After a further five years of monitoring and studies, Santos proposed to determine the environmental consequence of the leaks. For a moderate risk, Santos would keep monitoring the wells and reconsider if the leaks could be stopped.

If Santos assessed the risk to be negligible, it planned to stop monitoring the leaking wells.
Legrendre was originally operated by Woodside on behalf of its other owners Santos and US-based Apache. Woodside sold its interest to Apache, which managed the abandonment of most of the wells, in 2007. Santos acquired total control in 2018.
Click to expand...
187 cubic metre a year? Seriously?
If true ..not a given as most journos have no clues on units or number, this is absolutely insignificant especially as it is most probably natural gas or methane.
my dams are probably bubbling more than this
 
qldfrog said:
187 cubic metre a year? Seriously?
If true ..not a given as most journos have no clues on units or number, this is absolutely insignificant especially as it is most probably natural gas or methane.
my dams are probably bubbling more than this
Click to expand...
1 liter of liquid water turns into 1.7 cubic metre of steam so in order of magnitude would you worry if all leaks of all wells would have an annual total of 100l of let's say polluted water?
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

RESPONSE TO MEDIA SPECULATION

In response to recent media speculation, Woodside confirms it is in discussions regarding a potential merger with Santos Ltd.
Discussions remain confidential and incomplete, and there is no certainty that the discussions will lead to a transaction.
As a global energy company, Woodside continuously assesses a range of opportunities to create and deliver value for shareholders. Woodside will continue to update the market in accordance with its continuous disclosure obligations.

i hold WDS

given WDS hasn't fully digested the BHP Petroleum arm i will be watching from the sidelines

i doubt the deal will be sweet enough to entice me to buy STO as a side-door to extra WDS
 
divs4ever said:
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

RESPONSE TO MEDIA SPECULATION

In response to recent media speculation, Woodside confirms it is in discussions regarding a potential merger with Santos Ltd.
Discussions remain confidential and incomplete, and there is no certainty that the discussions will lead to a transaction.
As a global energy company, Woodside continuously assesses a range of opportunities to create and deliver value for shareholders. Woodside will continue to update the market in accordance with its continuous disclosure obligations.

i hold WDS

given WDS hasn't fully digested the BHP Petroleum arm i will be watching from the sidelines

i doubt the deal will be sweet enough to entice me to buy STO as a side-door to extra WDS
Click to expand...

Wasn't this proposed some time ago and the ACCC or the like squashed it because it would become a monopoly? Maybe I'm dreaming.
 
Sean K said:
Wasn't this proposed some time ago and the ACCC or the like squashed it because it would become a monopoly? Maybe I'm dreaming.
Click to expand...
i don't remember such a proposal , but i do miss some stuff

and maybe the ACCC didn't squash it completely and if WDS flogged of this ( or that ) asset or demergered into a LNG arm and an oil arm the ACCC would green-light it .

i would have though after BHP petroleum acquisition WDS would be busy organizing synergies from that addition

... but a STO-WDS deal might be still a year away and there is still many details to finalize ( like how do they fund it )
 
ASX Release
15 January 2024

Barossa Gas Project update

Santos welcomes the decision of the Federal Court of Australia today in the case of Munkara v Santos NA Barossa Pty Ltd (No.3).
The decision was in favour of Santos, with the Court dismissing the application and discharging the injunction that prevented pipelay activities south of the kilometre 86 (KP86) point along the Barossa Gas Export Pipeline.
As per the ruling and in accordance with the Environment Plan in force for the activity, Santos will continue pipelaying activity for the Barossa Gas Project (Barossa).
More information on the Barossa Gas Project can be found here.
Ends.
This ASX announcement was approved and authorised for release by Kevin Gallagher, Managing Director and Chief
Executive Officer.
 
In its quarterly released today, Santos gives its update on the potential merger with Woodside :

“As previously announced Santos is in early-stage discussions to evaluate the merits of a potential merger with
Woodside. The parties have agreed to exchange information to assess the benefits for our shareholders. Santos
continues to consider alternative options to accelerate value for shareholders. There is no certainty that any transaction
will eventuate from these discussions.”

Not much different to what Woodside said.

I wonder what the "alternative options" are though?
 

Woodside and Santos end merger talks as due diligence fails to find mutual benefits​


By COLIN PACKHAM
and NICK EVANS

Santos faces shareholder pressure to offload its LNG assets and will likely attract fresh buyout offers from suitors after $80bn merger talks with Woodside Energy were abruptly axed amid a valuation gulf between the rivals.
A combination of the two was seen as unlikely given Woodside had vowed it would not overpay and Santos shareholders indicated a deal would only get their support if they received a substantial premium.
The announcement by Woodside on Wednesday that talks had ended sent shares in Santos down more than 6 per cent as investors fretted about its future given a beefed up company would have eased pressure to deliver mega projects.
The collapse of talks saw one major shareholder reiterate a split of the company to create a separate liquefied natural gas offshoot
Melbourne-based fund manager L1 Capital, with the support of Tribeca Investment Partners and Wilson Asset Management, last year urged a split of the company to create a separate LNG vehicle which would increase the value of the business by an estimated 40 per cent.
James Hawkins, who runs L1 Catalyst Fund, said on Wednesday the proposal was still the best option for Santos.
“L1 Capital believes that a structural separation of Santos’ LNG assets presents a more compelling alternative for Santos’ shareholders in comparison to a merger with Woodside,” Mr Hawkins said.
Other investors such as Ben Cleary, investment manager of ASX-listed Tribeca Global Natural Resources, said they expected new interest in Santos.
“Regardless of Woodside walking, Santos seems to now be in play, the company trades on a lower price to net present value to most of the global peer group given their strong project pipeline in LNG and I would assume others will emerge for some or all of the company,” Mr Clearly said.
MST Marquee energy analyst Saul Kavonic said the reaction of the market to the end of talks with Woodside underscored market jitters about the future of Santos.
“Santos may languish for a few years, absent M&A, with rising risks from the spend and balance sheet outlook alongside a leadership succession vacuum,” Mr Kavonic said.
For Santos, a deal with Woodside could have aided efforts to deliver expansion projects that were delayed by environmental legal challenges.
Santos chief executive Kevin Gallagher said the collapse of talks came when both sides decided a deal could not be reached, but he said he was confident about the future of his company.
“Santos has a very strong future as an independent entity, our base business is strong and our strategy has significant upside over and above where the company is currently trading,” Mr Gallagher told Santos employees in a memo seen by The Australian.
“I am very confident our strategy to backfill and sustain our infrastructure, decarbonise our operations and develop the low-carbon fuels the world needs, is the right strategy at the right time.”
Despite Mr Gallagher’s insistence, Santos will be under pressure to quickly deliver after a favorable few months of momentum. In December it secured approval from a regulator to begin drilling on its $5.3bn Barossa project after more than a year of delays, and a federal court earlier this month rejected an application from a Tiwi Islander to block a 262km pipeline needed for the LNG development.
The Barossa LNG project is shaping as critical to boost supplies and capitalise on strong global demand for gas.
The future of Mr Gallagher himself remains the subject of much conjecture. Sources have say the Santos boss has intimated a desire to step down next year, but he has publicly insisted he sees a long-term future at Santos.
Sources close to Santos said the outlook for the company had improved markedly in recent months, which was reflected in the company’s share price.
Shares in Santos had risen more than 14 per cent in the past couple of months after the series of regulatory approvals and legal victories – denting any hope a cheap offer from Woodside would woo shareholders. Santos fell 46c or 5.8 per cent on Wednesday while Woodside rose 17c or 0.5 per cent to $32.46.
Santos, however, remains in the crosshairs of environmentalists. Australasian Centre for Corporate Responsibility special adviser Harriet Kater said Santos and Woodside should be more focused on positioning themselves to profit from the energy transition.
“Santos’ board and management are now under even more pressure to fix the wallowing share price. However, there are major questions over whether Keith Spence’s board has the capacity to design and execute a strategy that will appease increasingly frustrated shareholders,” Ms Kater said.
Woodside and Santos began talks late last year. The Australian revealed Woodside had initiated talks amid dissatisfaction among Santos shareholders, and a deal with its domestic counterpart was seen as an opportunistic move, although some investors worried about overpaying.
Woodside chief executive Meg O’Neill said the company would continue to evaluate M&A deals, but only under the right circumstance.
“We continue to be disciplined in our approach to mergers and acquisitions, and capital management, to create and deliver value for shareholders. While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation,” Ms O’Neill said.
“Woodside’s world-class global portfolio, growth pipeline and strong balance sheet underpin our attractive investment proposition for Australian and global investors.”



UMike says ----- Santos has a very strong future. There is a possibility that they have to offload a couple of assets that are desired by other parties. I expect some could be shopped off to Woodside for example.

Interesting times.
 
UMike said:

Woodside and Santos end merger talks as due diligence fails to find mutual benefits​


By COLIN PACKHAM
and NICK EVANS

Santos faces shareholder pressure to offload its LNG assets and will likely attract fresh buyout offers from suitors after $80bn merger talks with Woodside Energy were abruptly axed amid a valuation gulf between the rivals.
A combination of the two was seen as unlikely given Woodside had vowed it would not overpay and Santos shareholders indicated a deal would only get their support if they received a substantial premium.
The announcement by Woodside on Wednesday that talks had ended sent shares in Santos down more than 6 per cent as investors fretted about its future given a beefed up company would have eased pressure to deliver mega projects.
The collapse of talks saw one major shareholder reiterate a split of the company to create a separate liquefied natural gas offshoot
Melbourne-based fund manager L1 Capital, with the support of Tribeca Investment Partners and Wilson Asset Management, last year urged a split of the company to create a separate LNG vehicle which would increase the value of the business by an estimated 40 per cent.
James Hawkins, who runs L1 Catalyst Fund, said on Wednesday the proposal was still the best option for Santos.
“L1 Capital believes that a structural separation of Santos’ LNG assets presents a more compelling alternative for Santos’ shareholders in comparison to a merger with Woodside,” Mr Hawkins said.
Other investors such as Ben Cleary, investment manager of ASX-listed Tribeca Global Natural Resources, said they expected new interest in Santos.
“Regardless of Woodside walking, Santos seems to now be in play, the company trades on a lower price to net present value to most of the global peer group given their strong project pipeline in LNG and I would assume others will emerge for some or all of the company,” Mr Clearly said.
MST Marquee energy analyst Saul Kavonic said the reaction of the market to the end of talks with Woodside underscored market jitters about the future of Santos.
“Santos may languish for a few years, absent M&A, with rising risks from the spend and balance sheet outlook alongside a leadership succession vacuum,” Mr Kavonic said.
For Santos, a deal with Woodside could have aided efforts to deliver expansion projects that were delayed by environmental legal challenges.
Santos chief executive Kevin Gallagher said the collapse of talks came when both sides decided a deal could not be reached, but he said he was confident about the future of his company.
“Santos has a very strong future as an independent entity, our base business is strong and our strategy has significant upside over and above where the company is currently trading,” Mr Gallagher told Santos employees in a memo seen by The Australian.
“I am very confident our strategy to backfill and sustain our infrastructure, decarbonise our operations and develop the low-carbon fuels the world needs, is the right strategy at the right time.”
Despite Mr Gallagher’s insistence, Santos will be under pressure to quickly deliver after a favorable few months of momentum. In December it secured approval from a regulator to begin drilling on its $5.3bn Barossa project after more than a year of delays, and a federal court earlier this month rejected an application from a Tiwi Islander to block a 262km pipeline needed for the LNG development.
The Barossa LNG project is shaping as critical to boost supplies and capitalise on strong global demand for gas.
The future of Mr Gallagher himself remains the subject of much conjecture. Sources have say the Santos boss has intimated a desire to step down next year, but he has publicly insisted he sees a long-term future at Santos.
Sources close to Santos said the outlook for the company had improved markedly in recent months, which was reflected in the company’s share price.
Shares in Santos had risen more than 14 per cent in the past couple of months after the series of regulatory approvals and legal victories – denting any hope a cheap offer from Woodside would woo shareholders. Santos fell 46c or 5.8 per cent on Wednesday while Woodside rose 17c or 0.5 per cent to $32.46.
Santos, however, remains in the crosshairs of environmentalists. Australasian Centre for Corporate Responsibility special adviser Harriet Kater said Santos and Woodside should be more focused on positioning themselves to profit from the energy transition.
“Santos’ board and management are now under even more pressure to fix the wallowing share price. However, there are major questions over whether Keith Spence’s board has the capacity to design and execute a strategy that will appease increasingly frustrated shareholders,” Ms Kater said.
Woodside and Santos began talks late last year. The Australian revealed Woodside had initiated talks amid dissatisfaction among Santos shareholders, and a deal with its domestic counterpart was seen as an opportunistic move, although some investors worried about overpaying.
Woodside chief executive Meg O’Neill said the company would continue to evaluate M&A deals, but only under the right circumstance.
“We continue to be disciplined in our approach to mergers and acquisitions, and capital management, to create and deliver value for shareholders. While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation,” Ms O’Neill said.
“Woodside’s world-class global portfolio, growth pipeline and strong balance sheet underpin our attractive investment proposition for Australian and global investors.”



UMike says ----- Santos has a very strong future. There is a possibility that they have to offload a couple of assets that are desired by other parties. I expect some could be shopped off to Woodside for example.

Interesting times.
Click to expand...
I started my history with Santos nearly 2 decades ago with Santos having a strong future, gas.. Australia the new Qatar.
Permanently and continuously disappointed ..I do not own and happy not to.
 

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