28
Jun
2012

Santos announces acceleration of 15% of spending on Gladstone LNG project

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Australia’s Santos on Thursday said it had brought forward an extra $visual_editor.5 billion in spending for the Gladstone LNG (GLNG) project, previously slated for use after visual_editor015, in order to drill 300 extra wells in the Fairview and Roma areas before the end of that year. Santos will fund $750 million of the $visual_editor.5 billion, which raises overall capex by the end of visual_editor015 to $18.5 billion, with the company saying it would not need to raise additional debt or equity for GLNG or any of its other approved projects. Santos joins companies such as BG Group and Origin Energy in facing cost increases on their respective LNG projects.

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