Since the Russian invasion of Ukraine in February 2022, the European Union has been working to decrease its dependence on Russian energy. The EU responded to Russia’s invasion by introducing sanctions on a range of energy products, including oil and gas, which it has gradually strengthened over the last three years as the region has reduced its reliance on Russian energy.
Under the agreement, Arafura intends to support the development of Tamboran’s Beetaloo Basin acreage by purchasing 18-25 terajoules per day (TJd) (18-26 MMcfd) of gas for up to 10 years, Tamboran said in a media release. Through its subsidiaries, Tamboran is the largest acreage holder and operator in the Beetaloo Subbasin, with approximately 1.9 million net prospective acres, according to Tamboran.