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Australia Releases Domestic Gas Reservation Bill; Santos Welcomes Policy With Caveats
US Markets

Australia Releases Domestic Gas Reservation Bill; Santos Welcomes Policy With Caveats

The Australian government has released the Domestic Gas Reservation Bill 2026 for consultation, establishing Australia's first national domestic gas reservation scheme requiring gas exporters to supply a portion of their production to the domestic market.The bill proposes reserving up to 20% of gas exports for domestic use, with exporters able to provide up to 200 additional petajoules of gas per year, which Australian Minister for Climate Change and Energy Chris Bowen said is "more than enough" to avoid the Australian Energy Market Operator's forecast possible shortfalls of up to 140 petajoules.The licence application process will start from Jan. 1, 2027, with the domestic supply obligation starting from Jan. 1, 2028, to align with industry contracting cycles, while the exposure draft establishes a framework for how the reservation scheme will operate, including cost recovery and compliance and enforcement mechanisms.The Department of Industry, Science and Resources said the legislation supports the government's Future Made in Australia agenda, with the bill developed in response to the 2025 Gas Market Review and informed by more than 140 submissions received during earlier consultations.Santos (ASX:STO) Chief Executive Kevin Gallagher said in a Wednesday speech that while the oil and gas firm welcomes the policy, it should not force supply into an oversupplied market, and instead should allow the gas market to invest in bringing new supply online via price signals, recommending that the "must sell" provision be replaced with a "must offer on commercial terms" requirement.Gallagher argued that East Coast gas supply issues were caused by moratoriums and bans in New South Wales and Victoria over 15 years, which led to insufficient investment in new gas supply sources, adding that regulations should improve supply by incentivizing investment in new sources given that new investment is essential from 2030 to offset declining production at the Bass Strait.RBC Capital Markets said in a note that it views the legislation as a welcome relief to smaller cap Australian domestic gas-focused stocks, including Amplitude Energy (ASX:AEL), Beach Energy (ASX:BPT), Comet Ridge (ASX:COI), Strike Energy (ASX:STX), and Tamboran Resources (ASX:TBN).However, RBC said it does not agree with the government's estimate that the scheme would avoid the forecasted shortfalls, as the estimate assumes any spare volumes of gas in east coast liquefied natural gas projects are exported as spot LNG rather than sold domestically.

ASX 200ASX:AELASX:BPTASX:COIASX:STOASX:STXASX:TBN
Asia

Santos to Raise Stake in Papua LNG Project as Positive Steps Taken towards Final Investment Decision, RBC Capital Markets Says

Santos (ASX:STO) is set to increase its stake in the Papua LNG project, which has taken positive material steps towards realising its goal to achieve a project final investment decision by the end of 2026, RBC Capital Markets said in a note on Wednesday.Santos plans to acquire an additional 3.3% equity in the project for around $189 million. TotalEnergies agreed to sell a 9.1% interest, post Kumul back-in, to the existing joint venture partners on a pro rata basis, providing ExxonMobil with a 34.1% leading project interest to align with its operatorship role, and provide Santos with a 21% project equity interest.Project capital expenditure was reduced by around $4 billion to around $14 billion, following successful design changes and contractor rebidding.Santos is building Papua New Guinea's first offshore floating storage and offloading unit as a replacement for the aging Kumul Marine Terminal.The investment firm has an outperform rating on Santos with a price target of AU$8.50 per share.

ASX:STO
Asia

Santos CEO Says Rules Should Incentivize Investment in Gas Supply Development

Santos (ASX:STO) Chief Executive Kevin Gallagher said regulations in Australia should improve gas supply by incentivizing investment in new sources, noting that new investment is essential from 2030 to offset declining Bass Strait production.In a speech to the National Press Club, Gallagher said the company welcomes the proposed domestic gas reservation policy, but it should not force supply into an oversupplied market, and instead should allow the gas market to invest in bringing new supply online via price signals.Santos suggested that the "must sell" provision be replaced with "must offer on commercial terms."East coast gas supply issues were caused by moratoriums and bans in New South Wales and Victoria over the last 15 years, which led to not enough investment in new gas supply sources in the region, Gallagher added.Australia's Department of Climate Change, Energy, the Environment and Water did not immediately respond to a request for comment from.The company's shares rose 2% in recent trading on Wednesday.

ASX:STO
Equities

Santos Says Northern Territory Appraisal Well Spudded

Santos (ASX:STO) said its first appraisal well in the Beetaloo Basin in the Northern Territory was spudded, according to a Tuesday statement.The drill bit broke ground on Sept. 4 after contractor Exact Contracting completed the construction of the well pad, access tracks, and key road intersection upgrades.The firm's shares were up 1% in recent trading on Tuesday.

ASX:STO
Asia

Santos to Lift Papua LNG Stake to 21%

Santos (ASX:STO) agreed to acquire an additional 3.3% participating interest in the Papua liquefied natural gas (LNG) project from TotalEnergies for around $189 million, raising its stake to 21% and its expected equity LNG production to about 1.2 million tonnes per year, according to an Australian bourse filing on Monday after market hours.The deal, effective Jan. 1, is subject to regulatory approvals and the project reaching a final investment decision, which is targeted for the fourth quarter, per the filing.Meanwhile, TotalEnergies will transfer operatorship to ExxonMobil PNG Antelope, which Santos expects will create operational synergies with ExxonMobil's existing Papua New Guinea LNG operations and support project execution, the filing said.

ASX:STO
Asia

Australian Shares Gain; Regis Healthcare Flags Aged Care Funding Rise as Below Cost Inflation

Australian shares rose on Thursday, tracking gains on Wall Street.The S&P/ASX 200 Index gained 0.46%, or 41.70 points, to close at 9,020.10.Overnight on Wall Street, the S&P 500 and the Nasdaq Composite each rose 0.5%, while the Dow Jones Industrial Average gained 0.6%.Brent crude oil futures ​continued to trade around $95 per barrel as the US and Iran continued hostilities.On the domestic front, the S&P Global Australia Services PMI Business Activity Index edged down to 53.2 in August from 53.6 in July, but continued to signal a "solid" expansion in business activity.Australia's goods balance recorded a seasonally adjusted surplus of AU$1.92 billion in July, up from AU$2.34 billion in June, according to data published by the Australian Bureau of Statistics.In company news, Regis Healthcare (ASX:REG) said the Australian Government's 2.55% increase in the Australian National Aged Care Classification starting price to AU$303.19 from AU$295.64 per resident per day from Oct. 1 falls well short of sector cost inflation. Its shares closed down 25%.Santos (ASX:STO) commenced seawater injection at the Nanushuk Drillsite-B of its Pikka oil project on Alaska's North Slope, with injection rates reaching around 40,000 barrels per day following successful milestone testing.Eureka Group Holdings (ASX:EGH) entered into contracts with Ingenia Communities (ASX:INA) to acquire six lifestyle and mixed-use communities in New South Wales comprising 953 sites for AU$123.8 million.

ASX 200ASX:EGHASX:INAASX:REGASX:STO
Asia

Santos Begins Seawater Injection at US Oil Project

Santos (ASX:STO) commenced seawater injection at the Nanushuk Drillsite-B of its Pikka oil project on Alaska's North Slope, with injection rates reaching around 40,000 barrels per day following successful milestone testing, according to an Australian bourse filing on Wednesday after market hours.The injection will provide reservoir pressure support, facilitating a production ramp-up toward the targeted plateau of around 80,000 barrels of oil per day by the end of the third quarter, per the filing.Continuous production commenced in June, with output currently at around 40,000 barrels per day and additional wells expected to come online progressively, the filing said.The company operates the Pikka project with a 51% stake, while Repsol holds the remaining 49%, the filing added.

ASX:STO
Asia

Synertec Secures South Australia Powerhouse Energy System Contract from Santos

Synertec (ASX:SOP) secured a contract with Santos (ASX:STO) for the Moomba Central optimization project, to manufacture and supply a powerhouse energy system at Santos' flagship Moomba energy infrastructure precinct in South Australia, according to a Tuesday Australian bourse filing.Synertec will manufacture, supply, and commission two six megawatt-hour powerhouse units, including associated step-up transformers. The delivery of the battery energy storage systems, transformers, commissioning spares, and operational spares is scheduled for the first half of fiscal 2028, with commissioning activities to follow.Project value is around AU$6 million.The broader optimization project plans to replace seven ageing gas-driven compressor stations with a single remotely operated, electrically driven compression hub, supported by new infrastructure and additional power generation capacity.

ASX:SOPASX:STO
Asia

Elixir Energy Signs 3D Seismic Data Sharing Agreement With QGC Over Queensland Permit; Shares Up 4%

Elixir Energy (ASX:EXR) entered into an agreement with QGC and Santos (ASX:STO) unit, Santos QNT, to facilitate QGC's entry into ATP2056, in which Elixir holds a 50% interest, for the acquisition of 3D seismic data over the southern border of the permit and an area over the Lorelle-3 appraisal well, according to a Monday Australian bourse filing.The company said it will receive pre- and post-processed data acquired in ATP2056 and a commensurate polygon of data extending into QGC's ATP645 permit, totaling 54 square kilometers and creating the ability to tie these seismic volumes to the historical Overston 3D seismic.Elixir and Santos have also agreed to exchange static well information from the Lorelle-3 appraisal well for commensurate information from QGC's Bathurst-5 appraisal well, while QGC has also notified Elixir that seismic acquisition over ATP2077-A under an existing agreement has been successfully completed.Elixir Energy's shares rose past 4% in recent Monday trade, while Santos's shares shed more than 2%.

ASX:EXRASX:STO
Asia

Santos to Pick Up 30% Stake in Queensland Project for Up to $90 Million; Shares Down 3%

Santos (ASX:STO) entered into a binding agreement to acquire a 30% stake in the Meridian CSG project in Queensland for around $85 million to $90 million as part of a sale to the GLNG joint venture, according to a Monday statement.The joint venture consists of Santos, TotalEnergies, Petronas, and Kogas, Santos said. Each of the joint venture partners entered into binding sale and purchase agreements with Westside and Mitsui E&P Australia for the project. The gross purchase price is AU$430 million with an effective date of Jan. 1.Santos said it will become the operator of the project upon completion of the transaction. Westside will provide transitional support for up to six months post-completion.Completion is targeted for later in the year, and is conditional on regulatory approvals and other customary consents from counterparties.Santos' shares fell nearly 3% in recent trading on Monday.

ASX:STO
Asia

Comet Ridge Completes Acquisition of Santos' Stake in Queensland Gas Project

Comet Ridge (ASX:COI) completed its acquisition of Santos' (ASX:STO) roughly 42.9% interest in the Mahalo gas project in Queensland, according to a Monday filing with the Australian bourse.Comet Ridge said it now holds 100% of the Mahalo Gas Hub area and is the project's operator.The company paid AU$24.4 million in cash to Santos and issued about 83.8 million shares as part of the up-front consideration, per the filing. An additional AU$30 million in future contingent payments is payable to Santos in three equal tranches on the Mahalo project achieving 10 petajoules, 20 petajoules, and 30 petajoules of cumulative sales.Santos shares fell nearly 3% in recent Monday trade.

ASX:COIASX:STO
Asia

Update: Santos H1 EPS Down, Revenue Up; Shares Over Six-Year High

(Updates to add stock movement in the headline and the last paragraph)Santos (ASX:STO) logged $0.109 earnings per share for the first half of the year, compared with $0.135 a year ago, a Wednesday filing showed.Analysts polled by FactSet expected $0.105.For the six months ended June 30, revenue from ordinary activities was $2.62 billion versus $2.58 billion previously, the Australia-listed energy company added. Analysts surveyed by FactSet expected about $2.70 billion.The board declared an interim dividend of $0.116 per share, down from $0.134 a year earlier, payable Sept. 23 to shareholders of record as of Aug. 25.Santos guided for full-year 2026 production volume of 99 million to 105 million barrels of oil equivalent, and capital expenditure of $1.95 billion to $2.15 billion.The company's shares rose around 3% in recent trading on Wednesday and earlier reached their highest since January 2020.

ASX:STO
Asia

Santos H1 EPS Down, Revenue Up

Santos (ASX:STO) logged $0.109 earnings per share for the first half of the year, compared with $0.135 a year ago, a Wednesday filing showed.Analysts polled by FactSet expected $0.105.For the six months ended June 30, revenue from ordinary activities was $2.62 billion versus $2.58 billion previously, the Australia-listed energy company added. Analysts surveyed by FactSet expected about $2.70 billion.The board declared an interim dividend of $0.116 per share, down from $0.134 a year earlier, payable Sept. 23 to shareholders of record as of Aug. 25.Santos guided for full-year 2026 production volume of 99 million to 105 million barrels of oil equivalent, and capital expenditure of $1.95 billion to $2.15 billion.

ASX:STO
Asia

Monadelphous Group Secures Over AU$110 Million of Construction, Maintenance Contracts

Monadelphous Group (ASX:MND) won new construction and maintenance contracts worth more than AU$110 million in the resources, energy, and infrastructure sectors, according to a Thursday filing with the Australian bourse.The awards include a contact with Santos (ASX:STO) associated with the APF tie-in project in Papua New Guinea, where work is expected to be completed in 2028, and a contract with Pilbara Ports in Western Australia, with work expected to be completed in the first half of 2028.The company also disclosed a 12-month contract for the provision of services at Glencore's Murrin Murrin operations in Western Australia.

ASX:MNDASX:STO
Asia

Australian Shares Finish Higher; SGH Fiscal 2026 Underlying EPS, Revenue Down

Australian shares ended slightly higher on Tuesday after the Reserve Bank of Australia (RBA) decided to leave the cash rate unchanged for the second time.The S&P/ASX 200 Index closed 0.2% higher, or by 18 points, at 9,250.60.Brent crude futures ​rose to trade around $88 per barrel as uncertainty continues over a potential deal that would reopen the Strait of Hormuz for shipping.In domestic news, the RBA decided to leave the cash rate target unchanged at 4.35%, saying that while the economy appears to be slowing as expected after three rate lifts since the beginning of 2026, inflation remains too high and is not expected to return to around the midpoint of the target range until late 2027.Australian consumer confidence rose 0.3 points in the week of Aug. 3 to 9 to 75 points, reaching a relatively steady state, ANZ said. The four-week moving average eased 0.1 points to 74.1 points.Business confidence in Australia fell 1 point to negative 6 in July, as uncertainty over the Middle East conflict and oil prices continued to weigh on the business outlook, National Australia Bank said.In company news, SGH (ASX:SGH) logged AU$2.25 in underlying EPS for fiscal 2026, compared with AU$2.26 a year ago. For the 12 months ended June 30, revenue was AU$10.59 billion versus AU$10.74 billion previously.Santos (ASX:STO) dispatched the first 450,000-barrel cargo of Alaska North Slope crude from its Pikka phase one development, loaded aboard the Polar Resolution at the Valdez Marine Terminal for delivery to US West Coast refineries.Lastly, Austal (ASX:ASB) received a non-binding, conditional proposal from a unit of South Korea's Hanwha Group to acquire its US operations for an indicative enterprise value of up to $1.2 billion.

ASX 200ASX:ASBASX:SGHASX:STO
Asia

Santos Ships First Crude Cargo From Alaska Project

Santos (ASX:STO) dispatched the first 450,000-barrel cargo of Alaska North Slope crude from its Pikka phase one development, loaded aboard the Polar Resolution at the Valdez Marine Terminal for delivery to US West Coast refineries, according to a Tuesday filing with the Australian bourse.Pikka phase one is currently producing around 23,000 barrels per day and is expected to reach its plateau production of about 80,000 barrels per day in the third quarter, per the filing.The company operates the project with a 51% interest, while Repsol owns the remaining 49%, the filing added.

ASX:STO
Asia

Australian Shares Jump; Evolution Mining to Acquire Carnaby Resources in AU$213 Million Deal

Australian shares closed higher on Monday, as a fall in oil prices provided relief over inflation concerns.The S&P/ASX 200 Index gained 1.39%, or 121.70 points, to close at 8,894.Brent crude oil futures were trading over $92 per barrel, falling over 4%. Iran said it would stop its attacks if the US did the same. Gold rose to trade around $4,090 per ounce.Investors are also eyeing the results of the US Federal Reserve's July meeting on Wednesday.On the domestic front, Australia's headline inflation is expected to average 4% in the second quarter, below the Reserve Bank of Australia's 4.8% forecast, which should prompt the central bank to keep interest rates unchanged at its next policy meeting, BofA Securities said.In company news, Evolution Mining (ASX:EVN) agreed to acquire Carnaby Resources (ASX:CNB) via a scheme of arrangement under which Carnaby shareholders will receive 0.0682 new Evolution shares for each Carnaby share held, valuing Carnaby at around AU$213 million.Santos (ASX:STO) and PRISM Energy International Australia jointly marketed and loaded the first condensate cargo from the Barossa gas project. The shipment of around 300,000 barrels of condensate was loaded from the BW Opal floating production, storage and offloading vessel for delivery to SK Incheon Petrochem's refinery in South Korea.Lastly, Myer Holdings (ASX:MYR) reported total sales for fiscal year 2026 of AU$4.1 billion and operating gross profit between AU$1.6 billion and AU$1.61 billion. The company reported total sales of AU$3.67 billion and operating gross profit of AU$1.41 billion for fiscal year 2025.

ASX 200ASX:CNBASX:EVNASX:MYRASX:STO
Asia

Santos, PRISM Energy Export First Barossa Condensate Cargo to South Korea

Santos (ASX:STO) and PRISM Energy International Australia have jointly marketed and loaded the first condensate cargo from the Barossa gas project, located 285 kilometers north of Darwin, according to a Monday filing with the Australian bourse.The shipment of around 300,000 barrels of condensate was loaded from the BW Opal floating production, storage and offloading vessel on July 24 for delivery to SK Incheon Petrochem's refinery in South Korea for naphtha and jet fuel production, per the filing.The company operates the Barossa project with a 50% interest, in partnership with PRISM Energy International Australia, which holds a 37.5% stake, and JERA Australia, which holds the remaining 12.5%, the filing added.

ASX:STO
Asia

Jarden Adjusts Santos' Price Target to AU$7.90 from AU$7.65, Keeps at Overweight

Santos (ASX:STO) has an average rating of overweight and mean price target of AU$8.49, according to analysts polled by FactSet.

ASX:STO
Asia

Santos Exits Q2 With More Positive Near-Term Outlook After Addressing Key Challenges, Jarden Says

Santos (ASX:STO) ended the June quarter with a more positive near-term outlook after resolving several challenges that impacted production and free cash flow, Jarden said in a late Thursday note.Commissioning issues at the company's Barossa operations in the Timor Sea, which dragged production and sales revenue, appear to be mostly addressed, while the Pikka project in Alaska is on track to hit plateau rates by the end of the current quarter, the equity research firm said.The company's June quarter production of 23.1 million barrels of oil equivalent came in 1% ahead of Jarden's forecast, but its sales revenue of about $1.35 billion was 5% below Jarden's estimate due to underlifted volumes in Papua New Guinea and a miss in realized liquefied natural gas price.Santos also downgraded its full-year production outlook by 3.8% at the midpoint to a range of 99 to 105 million barrels of oil equivalent. Jarden said that while it expected the cut, Barossa is now producing at 97% of "planned rates," suggesting a resolution of its performance issues.The investment firm expects Santos to benefit from its exposure to oil and LNG prices as the Middle East conflict continues to flow into higher commodity prices, although the lag effect means the true benefits won't be seen until the second half of the year.Jarden maintained an overweight rating on Santos while raising the target price to AU$7.90 from AU$7.65.The company's shares gained 2% in recent Friday trade.

ASX:STO

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