Bloomberg: Santos seeks collaboration with rivals amid rising cost threat
Santos Ltd., building a liquefied natural gas project in Queensland state, plans to collaborate with rivals to cut costs as rising expenses threaten $156 billion of developments proposed by the industry in Australia.
“We’re all working together to see how we can drive costs out collectively and lots of things are being considered,” Chief Executive Officer David Knox said on today’s Inside Business program on the Australian Broadcasting Corp. “Costs in Australia are extremely high and it is a concern.”
Santos, Australia’s third-biggest oil and gas producer, wants to “join forces” with competitors at a range of levels, Knox told the program. He wasn’t specific about what this would involve or how much money might be saved.