Australia's second-biggest oil and gas producer says its $5.7 billion gas project in the Timor Sea north of Darwin is months away from completion.
The Barossa LNG project is 91 per cent finished and on track for first gas in the third quarter of this year, Santos said on Wednesday while also announcing it was cutting its dividend after a drop in full-year profit driven by lower commodity prices.
Pipeline work on the controversial Barossa project was halted in late 2022 after a court challenge from three Tiwi Island elders that Santos eventually won in January 2024.
Santos said that final welds on a pipeline connecting the Barossa field to the Darwin LNG plant were underway on Wednesday, and three wells were drilled and completed.
A fourth is partially drilled and suspended for later competition, with work on a fifth well underway.
Santos said that four wells can deliver nameplate capacity for the project - 3.7 million tonnes of LNG per year.
The Barossa field is in Australian waters about 300km north-northwest from Darwin. A total of eight wells are planned to be drilled in the field.
In Alaska, 16 of 26 wells at Santos' Pikka project are now drilled, with first oil on track for mid-2026. The project is 76 per cent complete, Santos said.
Santos also on Wednesday announced it made $US1.2 billion ($1.9 billion) in profit in 2024, down 15 per cent from 2023.
It made $US5.4 billion ($8.5 billion) in sales revenue, down 8.6 per cent from 2023.
Santos declared a 10.3 US cent (16c) per share final dividend, down from 17.5 US cents (27.6c) a year ago.
Santos ended 2024 with $US1.8 billion ($2.8 billion) in cash and $US6.7 billion ($10.6 billion) in debt, with another $US2.8 billion ($4.4 billion) in undrawn bank facilities available to it.
The company also announced a 35-page climate strategy plan that it will put to shareholders for a non-binding vote at its annual general meeting in April.
"We have heard your feedback through regular engagement over the past two years and have responded to that feedback through changes to our decarbonisation approach," Santos said.
At 11.15am, Santos shares were down 2.1 per cent to $6.74.
