Santos' LNG Projects on Track

Santos on Friday said that its major LNG projects are on track.

PNG LNG is over 90% complete and on track for first LNG in the second half of 2014 and GLNG is over 65% complete and on track for first LNG in 2015. “Capital cost estimates for both projects are unchanged,” the company said.

In its third quarter activities report, the company also stated that average gas price of $5.98/GJ for the September quarter was a record and 10% higher than the corresponding quarter, driven by higher gas prices in Western Australia and Indonesia, and higher LNG prices from Darwin LNG. 

“We also continue to execute our strategy of focused growth in Asia, with the acquisition of an interest in the Ande Ande Lumut oil field offshore Indonesia and interests in exploration permits in Papua New Guinea. Our development projects, Dua and Peluang, are also on track to deliver first oil and first gas respectively in the first half of 2014,” chief executive David Knox said.

Exploration in the Browse Basin and in the Cooper Basin unconventional program continues and we are seeking further success with the exploration drill-bit in the fourth quarter, Knox added.

In the third quarter the company witnessed record sales revenue of over $1 billion.

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