Santos will not push forward with the Narrabri gas project while approvals remain pending, CEO Kevin Gallagher told investors this week. The company is instead turning its attention to the Beetaloo Basin in the Northern Territory — a shift that could reshape Australia's onshore gas supply and, indirectly, energy costs for local Bitcoin miners.
Narrabri on hold
Gallagher said at the briefing that Santos will not 'exert any effort' on Narrabri until outstanding approvals come through. The project has been stuck in regulatory limbo, with no clear timeline for clearance. By publicly parking it, Santos frees up capital and personnel that had been tied to the New South Wales gas field.
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Beetaloo in focus
Santos is now prioritizing exploration in the Beetaloo Basin, a largely undeveloped shale region in the Northern Territory. The company hasn't disclosed a timeline or drilling targets, but the pivot signals a bet on faster access to gas reserves — even as Beetaloo faces its own legal challenges from Indigenous groups and environmental activists. Moving crews and equipment north won't happen overnight, but the strategic direction is clear.
Crypto miners watch closely
Australian Bitcoin miners rely heavily on gas-fired peaker plants for cheap, flexible power. Narrabri was expected to add domestic gas supply; its indefinite hold could tighten that market and nudge wholesale electricity prices higher. Meanwhile, Beetaloo's remote, stranded gas could eventually become a low-cost fuel source for mobile mining rigs, though no partnerships have been announced. For now, miners should track how quickly — or slowly — regulatory approvals move in the Territory, because any stall there would compound Australian energy uncertainty.
The next concrete milestone is Santos' quarterly operational update, where Gallagher may detail Beetaloo exploration plans. The unresolved question is whether the basin will face the same multiyear approval slog that killed Narrabri's momentum — a risk miners can't ignore if they're betting on Australian hashpower growth.
