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Santos Partners with ENGIE for Strategic Gas Supply from Narrabri Project

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Santos Partners with ENGIE for Strategic Gas Supply from Narrabri Project

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The latest announcement is out from Santos Limited ( (AU:STO) ).

Santos Limited has signed a non-binding memorandum of understanding with ENGIE to supply up to 20 PJ per year of natural gas from the Narrabri Gas Project to the Australian east coast domestic market for at least 10 years. This agreement, which includes exploring decarbonisation activities, is contingent on a final investment decision and other approvals. The project aims to address the tight domestic gas supply and high prices, with Santos emphasizing the strategic importance of the project and its commitment to environmental protections. The initiative is expected to enhance energy reliability and affordability, benefiting customers in New South Wales.

The most recent analyst rating on (AU:STO) stock is a Hold with a A$7.60 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.

More about Santos Limited

Santos Limited is a prominent energy company operating in the natural gas sector, focusing on providing reliable and competitively-priced gas supply. The company is committed to supporting the domestic gas market in Australia, particularly on the east coast, and is actively involved in project development and production in regions like Queensland’s Surat Basin.

YTD Price Performance: 20.30%

Average Trading Volume: 11,435,539

Technical Sentiment Signal: Buy

Current Market Cap: A$25.41B

For a thorough assessment of STO stock, go to TipRanks’ Stock Analysis page.

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