Due to the recent volatility in the markets and also the deferral of the FID on the Barossa development project, Santos and ConocoPhillips have agreed to revise the prices of the consideration Santos acquires the northern Australia assets of ConocoPhillips. (Credit: Santos Ltd) Santos has closed the previously announced acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a revised price of $1.26bn.The Australian oil and gas producer has agreed to pay an increased contingent payment of $200m to ConocoPhillips, which will be subject to a final investment decision (FID) on the Barossa gas project.As per the original deal signed in October 2019, the consideration to be paid by the Australian firm was $1.39bn along with a contingent price of $75m for Barossa.However, because of the recent volatility in the markets and also the deferral of the FID on the Barossa development project, the parties have agreed to revise the prices of the consideration.Under the deal, Santos gains operatorship and control of what is said to be a portfolio of low-cost, long-life natural gas assets and strategic LNG infrastructure.The company’s stake in Bayu-Undan gas and condensate field in Timor-Leste offshore waters and Darwin LNG facility in the Northern Territory of Australia increases to 68.4% at completion. Santos expects the assets to give a significant boost to its 2020 production and cash flows.On the other hand, Santos’ stake in the Barossa project to backfill Darwin LNG has gone up to 62.5%.The acquisition is said to be in line with the company’s strategy to consolidate on existing infrastructure positions around its core assets.Santos CEO comments on the closing of the acquisitionSantos managing director and CEO Kevin Gallagher said: “As a foundation partner in Bayu-Undan and Darwin LNG, and an existing partner in Barossa, we know these assets well. We are delighted to assume operatorship and continue to progress the Barossa project so that a final investment decision can be made when market conditions permit.“We welcome the ConocoPhillips’ Australia-West employees to Santos and look forward to getting on with the process of integrating our two businesses to create one high performing team.”In March 2020, the Australian energy company agreed to divest a 25% stake in the Darwin LNG plant and the Bayu-Undan field to South Korea-based SK E&S for $390m. The company followed that by signing a letter of intent in April to offload a 12.5% stake in the Barossa gas project to Japan-based JERA for an undisclosed price.Following the completion of the two deals, Santos will bring down its stake in Darwin LNG and Bayu-Undan to 43.4% and in the Barossa project to 50%.
By James PolstonTheStatehouseFile.comINDIANAPOLIS—Parents, students, and teachers awaiting the results of the spring 2018 ISTEP+ tests will have to wait a little bit longer.The Indiana Department of Education released a statement Thursday saying it will not be presenting ISTEP+ results as planned at the Sept. 5 meeting of the State Board of Education. The results had been embargoed until then.In a separate statement released later Thursday, IDOE reported they have received word this week from Pearson that there are issues involving a 10th-grade mathematics graphing item and third through eighth and 10thgrade document image reconciliation associated with the final ISTEP+ spring 2018 results.Pearson Education is a British-owned education publishing and assessment service that the IDOE uses to administer the ISTEP+ test.IDOE said officials are currently working with Pearson to reconcile the data for the affected students and redeliver final data and reporting. The department also said it anticipates only a small percentage of students in third through eighth and 10th grade will be affected. Further updates will be provided as more information is made available.Footnote: James Polston is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students. FacebookTwitterCopy LinkEmail
continue reading » 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The NCUA already is using its new—and illegal– Field of Membership rules to greatly expand the reach of specific credit unions, the American Bankers Association said Tuesday, in its lawsuit against the agency.The ABA contends that the NCUA has approved expansions that “are not limited to a single ‘well-defined local community, neighborhood, or rural district,’ as required by the Federal Credit Union Act,” the ABA said.In October, the NCUA board approved rules that board members said would provide credit unions with more flexibility to determine their fields of membership. Then-board Chairman Rick Metsger said the rules would make it easier for people to gain access to affordable financial services.