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    GLNG Project Capex Rises to $18.5 bn

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Summary

Santos has said that the Gladstone liquefied natural gas (GLNG) project will see rise in capex to $18.5 billion, a bump up of 16% from previous estimates.

by: Shardul

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Asia/Oceania

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GLNG Project Capex Rises to $18.5 bn

Santos has said that the Gladstone liquefied natural gas (GLNG) project will see rise in capex to $18.5 billion, a bump up of 16% from previous estimates. Additional capex of $2.5 billion is primarily to further optimise gas delivery.

The project, which will process coal seam gas (CSG) into liquefied natural gas, is owned by Santos, Petronas, Total and KOGAS.

The additional funds would be utilized for drilling of about 300 more wells in the Fairview and Roma areas. The company was confident that project is still expected to deliver first gas in 2015.

Santos, which holds a 30 per cent stake in GLNG, will fund $750 million of the new spending. Those funds would come from existing finances, it said.

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