Santos firms up start date for GLNG project
SANTOS is pursuing cost cuts and reining in investment as oil prices drop, ahead of the commissioning of the GLNG plant next year.
Brisbane Times reports that chief executive David Knox told an investor briefing in Sydney on Wednesday that the oil price slump, with about a 30 per cent drop in the past three or four months, had been more rapid than Santos or "anybody" had expected.
Santos has narrowed down the expected start-up schedule for its $US18.5 billion GLNG project in Gladstone to the second-half of next year, later than some analysts had anticipated.
It had previously said exports would start up in 2015, but hadn't said when through the year.
The GLNG project is 90% complete.
The first train is expected to start operating in the second half of 2015, with production ramping up over three to six months.
Train 2 is expected to be ready for start up by the end of 2015, and ramp up over two to three years.
The project's 420km pipeline is gassed up, and first gas reached Curtis Island last month.
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