Business
Santos takes $1.1b pandemic oil crisis hit – The Australian Financial Review
Impairments on production and exploration assets resulting from sharply lower assumptions for oil prices are being felt across the industry.
Oil Search has also trimmed the value of its exploration interests in Papua New Guinea and Alaska, while Shell took large write-downs on its QCLNG venture in Queensland and its Prelude floating LNG plant off Western Australia.
The impairments come as Santos is fighting to get planning approval for its $3.6 billion Narrabri coal seam gas project in northern NSW in the face of multiple interest groups worried about potential environmental harm and highlighting the risk of “stranded” investments i…
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