Santos Says Increase in Gladstone LNG Reserves Exceeds Target
Santos Ltd., which plans a A$16.4 billion ($14.2 billion) liquefied natural gas project with Malaysia’s Petroliam Nasional Bhd. in Queensland, said the increase in reserves for the venture beat its targets.
Proven and probable reserves for the project rose to 4,003 petajoules from 3,246 a year earlier by the end of 2009, Santos said in a statement today. That’s more gas than required for the venture’s first production unit, Santos said.
The Adelaide-based oil and gas producer and rivals including BG Group Plc and ConocoPhillips plan to convert gas extracted from coal seams near Gladstone in central Queensland for export to Asia. A development decision for Santos’s first plant, 40 percent-owned by Petroliam Nasional, known as Petronas, is due by mid-year.
Santos dropped 2 cents, or 0.2 percent, to A$13.18 in Sydney, compared with a 0.3 gain in the benchmark S&P/ASX 200 Index. The stock has lost 7 percent since the start of the year.
A decision on whether to build a second unit is due in 2011, Chief Executive Officer David Knox said last week. Deutsche Bank AG estimates the cost of a two-production unit venture at A$16.4 billion. Total proved and probable, or 2P, reserves increased 42 percent to a record 1.44 billion barrels of oil equivalent, Santos said today.
Sunday 7 February 2010
BloombergFebruary, 2010
Bloomberg
Sunday 7 February 2010
BloombergFebruary, 2010
Bloomberg
Santos Rises on Arranging A$2 Billion Credit to Help Fund LNG
