Santos Ltd. said partners in the Caldita-Barossa gas fields offshore northern Australia aim to make a final investment decision in the next two years on whether to develop the project.

The partners, led by ConocoPhillips (NYSE: COP), plan to start initial engineering and design work in late 2017 and to reach a final investment decision in late 2018 or early 2019, Santos Managing Director Kevin Gallagher told analysts at a results briefing.

ConocoPhillips, Santos and an affiliate of South Korea's SK Holdings Co. own Caldita-Barossa, which would supply the Darwin LNG plant.