Santos (ASX:STO) share price on watch following Narrabri Gas Project approval

The Santos Ltd (ASX: STO) share price will be one to watch on Wednesday following the release of a positive announcement after the market close.

What did Santos announce?

This afternoon Santos revealed that Federal Environment Minister Sussan Ley has signed off on the $3.6 billion Narrabri Gas Project.

As a result, it will now embark on a 12 to 18 month appraisal program ahead of a Final Investment Decision (FID) for the next phase of project development.

Pleasingly, Santos’ Managing Director and Chief Executive Officer, Kevin Gallagher, notes that the conditions on the approval were consistent with those already set by the New South Wales Independent Planning Commission.

Furthermore, they were generally in line with those for…