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Santos to supply natural gas to Visy's New South Wales operations

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Santos to supply natural gas to Visy's New South Wales operations

Australian independent oil and gas producer Santos Ltd. said in a Sept. 10 news release that it will supply Visy Industries Usa Pty. Ltd.'s New South Wales operations with natural gas.

Terms of the deal, which will begin Jan. 1, 2019, were not disclosed.

Santos said it is committed to delivering competitively priced domestic gas.

"We're drilling about 87 wells in the Cooper Basin this year — more wells in a single year since 2014. We've arrested production decline in the Cooper and production is actually growing again, which is great news for the east coast gas market," Santos managing director and CEO Kevin Gallagher said.

"Drilling more wells and lowering production costs extracting more gas for less money is the best way to keep downward pressure on gas prices. Santos is on track to supply about 70 [petajoules] of gas to the east coast market in 2018, which is almost 13 per cent of expected demand this year," Gallagher added.