Business

Santos shareholders to reap rewards as GLNG comes online

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 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.

Topics:  curtis island gas gladstone glng lng resources santos



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