BRIGHT FUTURE? High-profile figures will meet with Gladstone's industry leaders today to discuss what 2017 holds.
BRIGHT FUTURE? High-profile figures will meet with Gladstone's industry leaders today to discuss what 2017 holds. Santos

Santos shareholders to reap rewards as GLNG comes online

SANTOS and its shareholders are set to reap the rewards as the GLNG project on Curtis Island comes online, the company's chairman has said.

Presenting its full-year results on Friday, Santos reported a full-year net profit of $516 million.

Chairman Ken Borda said the company's operating cash flow would more than double as LNG projects in Gladstone and Papua New Guinea came online.

Santos managing director and chief executive officer David Knox said 2013 was a year in which the company had made strong progress towards the completion of its two major growth projects.

"PNG LNG construction is nearing completion, with the first LNG delivery now expected in the third quarter of this year," Mr Knox said.

"The GLNG project is also making good progress and is now 75% complete, with first LNG expected next year on schedule.

"The project recently celebrated a major milestone with the completion of tunnelling of the marine crossing."

Mr Know said Santos had achieved record sales revenue, the highest oil production in six years and strong operating cashflow.

It also added to future production potential through exploration discoveries in the Browse, Carnarvon and Cooper Basin.



Agnes Water teen scores dream job working on superyacht

Premium Content Agnes Water teen scores dream job working on superyacht

“We went from Malta to Croatia, then from Croatia to Italy and along the entire...

MORNING REWIND: Top stories you may have missed

Premium Content MORNING REWIND: Top stories you may have missed

The biggest stories you may have missed yesterday, November 23.

Gladstone man with 13 DV convictions fronts court again

Premium Content Gladstone man with 13 DV convictions fronts court again

The 36-year-old was convicted of two more domestic violence offences.