As has been reported in the media, the price of oil has fallen significantly over the past month which is having a major impact on not only oil and gas companies globally but also many countries that rely substantially upon oil revenue. Santos has been similarly impacted by this oil price decline and like other companies, we are reviewing our operations to ensure all our capital programs are appropriate for the current environment.
The natural gas contained in Santos’ NSW licences remain vital to the future economic viability of domestic manufacturing and in putting downward pressure on the cost of energy for families in NSW.
Santos’ Narrabri Gas Project is being progressed with our Environmental Impact Statement close to finalisation which is a critical step along the Governmental approval pathway. We will take the necessary time to ensure this document is of the highest standard.
I would like to thank the local community, including those that work with and for us and also the local landholders who host our activities on a daily basis, for their ongoing support. Santos remains focused on supplying natural gas to the 1 million families in NSW that use our product in their homes and the tens of thousands of people who rely on the energy provided by gas for their employment.
Our current operations in NSW will continue as we work with investors, customers, the NSW Government and our local community. The time frame of any investment decision enabling first gas from this project depends upon a range of factors including the appropriate support from all these stakeholders.