GLNG partners pounce on gas project in $430m takeover
By Industry Queensland
The GLNG joint venture partners have entered into binding agreements to acquire 100 per cent of the Greater Meridian CSG project near Moura for $430 million.
Owned by Westside Corporation and Mitsui E&P Australia, the project has held a long-term supply contract since 2015 to feed the GLNG plant at Gladstone.
The GLNG stakeholders – Santos, TotalEnergies, PETRONAS and KOGAS – will each acquire a pro-rata share in line with their share in the joint venture.
Santos, which holds a 30 per cent interest in GLNG, said the acquisition was consistent with its strategy of disciplined growth around existing infrastructure, with synergies expected as Meridian operations were integrated with its other Queensland CSG (coal seam gas) assets.
Meridian will become a fifth production hub for GLNG. Meridian also supports a domestic gas contract with local manufacturer Queensland Nitrates at Moura.
The Greater Meridian CSG project was evaluated as comprising 322 PJ gross 2P reserves and 346 PJ gross 2C resources as at December 31, 2025.
The 2C resources include volumes associated with the Mungis CSG development opportunity north of the existing producing area.
Completion of the transaction is conditional on regulatory approvals, including competition approvals, FIRB approvals and Queensland departmental consents as well as other customary consents from counterparties.
Completion is being targeted for late 2026.
Santos also announced today that it had completed the divestment of its 42.86 per cent operated interest in the Mahalo joint venture to Comet Ridge.
Related: Pipeline progress for Mahalo gas development
Santos has received total initial proceeds of about $32 million, comprised of a $2 million deposit, $22.42 million in cash consideration at completion, plus about 83.78 million ordinary fully-paid Comet Ridge shares (currently valued at about $7.5 million).
In addition, $30 million in contingent cash payments are payable upon gross production milestones of the Mahalo project, taking total consideration to as much as $62 million.
