Santos and Beach Energy have approved the Moomba Central Optimization project

Australia's Santos said Monday that it would?proceed?with?the Moomba Optimisation Project in the Cooper Basin of South Australia with its joint -venture partner,Beach Energy.

Santos announced that it would invest $357 million into the project. The project is expected to?be delivered over three years.

Santos, Australia's No. Santos, Australia's No.

The company said that the project would replace seven gas-driven compression stations with one electric-driven station. This was to ease bottlenecks and enable future production growth in the Central Fields of the Cooper Basin.

Santos and the South Australian government signed a contract?mid-February to supply 20 petajoules per year of gas from their Cooper 'Basin assets?from 2030?to transform the Whyalla Steelworks into a green, low-emissions iron facility. (Reporting and editing by Edmund Klamann in Bengaluru, Mark Porter, and Roshan Thomas)

(source: Reuters)