Oil & Gas

Under the agreement, Santos will supply approximately 20 petajoules of natural gas annually from its Moomba operations to South Australia's Strategic Gas Reserve over a 10-year period beginning on March 1, 2030. The contract formalizes key terms first announced in February and provides long-term certainty for both the government and industry. The agreement also includes a prepayment component that will help finance the Moomba Central Optimisation Project, a major infrastructure investment expected to be completed over three years and designed to enhance production efficiency across the Cooper Basin.

The project is expected to deliver significant economic benefits beyond gas production. Investment in the Moomba Central Optimisation Project will support the long-term future of the Cooper Basin Central Fields and generate employment opportunities in both Adelaide and regional South Australia for at least the next 15 years. THE AGREEMENT IS DESIGNED TO STRENGTHEN SOUTH AUSTRALIA'S LONG-TERM ENERGY SECURITY WHILE PROVIDING THE STABLE GAS SUPPLIES NEEDED TO SUPPORT INDUSTRIAL GROWTH AND MAJOR ECONOMIC PROJECTS. One of the key beneficiaries is expected to be the planned sale and transformation of the Whyalla Steelworks, where reliable energy supplies will play an important role in future operations.

The agreement also highlights the strategic importance of domestic natural gas in Australia's broader energy and economic planning. As governments seek to ensure reliable energy supplies while supporting industrial competitiveness, long-term gas contracts are becoming increasingly important for maintaining stable energy markets. Santos Chief Executive Officer Kevin Gallagher said the agreement secures domestic gas supplies for South Australia while providing the confidence needed to support continued investment across the Cooper Basin. The deal reinforces Australia's commitment to strengthening domestic energy infrastructure, protecting industrial capacity and supporting long-term regional economic development through strategic natural gas investments.