GLNG partners agree A$430 million Meridian acquisition as Santos exits Mahalo

The GLNG partners have signed binding agreements to acquire 100% of the Greater Meridian CSG project from Westside Corporation and Mitsui E&P Australia for a gross A$430 million, with the transaction effective from January 1, 2026.

Santos will acquire a 30% interest and become operator when the transaction closes. Its net acquisition cost is forecast at approximately US$85 million to US$90 million after cash flows between the effective date and completion and transaction costs. Closing is targeted for late 2026, subject to competition, foreign-investment, Queensland departmental and other customary approvals.

Meridian currently comprises 280 producing wells and produces 47 terajoules per day. About 90% of production supplies GLNG under a long-term agreement, with the balance going to Queensland Nitrates. Santos said the acquisition would make Meridian GLNG’s fifth production hub and add an estimated 17 million barrels of oil equivalent of net 2P reserves and 18 million boe of net 2C resources, before adjusting for production before completion. Development of the associated Mungis resource remains subject to a separate future investment decision.

Santos has separately completed the sale of its 42.86% operated interest in the Mahalo joint venture to Comet Ridge Mahalo. Initial proceeds total approximately A$32 million, including cash and Comet Ridge shares, while a further A$30 million could become payable if the project reaches specified production milestones. The two transactions shift Santos capital toward producing supply linked to existing GLNG infrastructure while monetising a pre-development asset that the company did not consider a near-term priority.