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Oil and gas major Santos has completed the sale of a 12.5% interest in the Barossa project to JERA, following the completion of all regulatory approvals.

Santos in January struck a binding sales and purchase agreement with JERA, which is an existing partner at Darwin liquefied natural gas (LNG).

Cash proceeds to Santos at completion of the transaction were $327-million.

The Barossa gas and condensate project to backfill Darwin LNG was 33% complete at the end of March and remains on schedule and budget for first production in the first half of 2025.

The Barossa project took a final investment decision in March 2021 and is progressing on schedule and budget for first LNG in the first half of 2025.

The project comprises a floating production, storage and offloading (FPSO) vessel, subsea production wells, supporting subsea infrastructure and a gas export pipeline tied into the existing Bayu-Undan to Darwin LNG pipeline.

Participants in the Barossa project are Santos, with a 50% interest, SK E&S, with a 37.5% interest, and JERA with its 12.5% interest.