The Adelaide-based company reported that its flagship Barossa gas export project north of Darwin was 80 per cent complete, with the first gas expected to flow in the third quarter of 2025.

The Pika project in Alaska is nearly 60 per cent complete, with oil production due to start in the first half of 2026, while in South Australia, Santos is commissioning its Moomba carbon capture and storage project.

Santos chief Kevin Gallagher said Moomba would reach full capacity this year.

“Phase one of Moomba CCS will be one of the lowest-cost CCS projects in the world and have capacity to permanently store up to 1.7 million tonnes of carbon dioxide annually,” he said.

In Western Australia, Santos faces substantial costs to ensure old offshore wells do not leak and to remove pipelines and platforms from the ocean. Santos chief financial officer Anthea McKinnell said the company was working with regulators to spread the cost over time to ensure the WA operation did not drain cash from the rest of Santos.