STOSF - Santos wins state approval for $2.6B gas project

Santos (STOSF) wins approval to proceed with the A$3.6B (US$2.6B) Narrabri coal seam gas project in Australia, clearing the biggest hurdle for a controversial development that the government says could help fill a supply gap expected from 2024.The New South Wales Independent Planning Commission said it imposed strict conditions on a phased approval of the project, after critics raised fears it would drain and contaminate groundwater, damage the Pilliga State Forest and worsen climate change.The Narrabri project could meet up to half of New South Wales' gas needs, helping to replace gas from the depleting Bass Strait fields that have supplied southeast Australia for 50 years.The Australian government is expected to approve the project as part of a strategy to increase gas supplies and assist a recovery from the pandemic.

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Santos wins state approval for $2.6B gas project