Business

Gladstone gas players under pressure as price slides

THE continued slide in the oil price has increased uncertainty around Australia's gas sector, market analysts say.

Gas prices are linked to oil prices, which have sunk to levels not seen for about six years, leading to predictions that major projects will be mothballed.

Brisbane Times reports Woodside Petroleum's Browse floating liquefied natural gas project in Western Australia is tipped to be a likely early casualty.

The drop in oil also has put pressure on gas players with stretched balance sheets, such as Santos, which still has six to nine months of construction work to complete its GLNG plant in Gladstone.

BG Group also last month flagged a write-down on its new $US20.4 billion Queensland Curtis LNG project, which started production late last month.

That raised concerns that the other Queensland projects could see similar write-downs among the various venture partners.

Read the full story at Brisbane Times.

Topics:  gas, gladstone, glng, lng, resources, santos




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