JERA Co., Inc., signed a letter of intent to acquire 12.5% stake in Barossa project in Australia from Santos Limited (ASX:STO) on April 16, 2020. On December 8, 2021, JERA Co., Inc. signed a binding Sale and Purchase Agreement to acquire a 12.5% stake in Barossa project in Australia from Santos Limited for approximately $300 million. JERA will reimburse Santos for its share of capital expenditure on the project from the effective date to completion, with the total consideration due to Santos at completion expected to be approximately $300 million. The transaction is subject to the negotiation and execution of a binding sale and purchase agreement, completion by Santos of the acquisition of ConocoPhillips' northern Australia and Timor-Leste portfolio as announced on 14 October 2019, third-party consents, regulatory approvals and a final investment decision on Barossa. The completion is expected in the first half of 2022.

JERA Co., Inc., completed the acquisition of 12.5% stake in Barossa project in Australia from Santos Limited (ASX:STO), on April 29, 2022. The transaction is closed, following the completion of all regulatory approvals.