Posted in | News | Natural Gas

Santos to Sell 15% of Gladstone LNG Project

By Joel ScanlonSep 9 2010

Santos is getting ready to sell 15% of its stake in a Gladstone liquefied natural gas project before it commits to the first phase later this year. The third largest oil and gas producing company in Australia is calling for a trading halt as it enters negotiations with Total.

The Gladstone project is currently owned 60% by the Adelaide based Santos and 40% by Petroliam Nasional Bhd. The Malaysian state owned company Petronas is also selling a 5% interest in the Gladstone LNG project to Total. This will give Total a 20% stake on the completion of all transactions leaving Santos with 45% and Petronas with 35%.Total will be a fully intergrated joint venture partner in the project.

Korea Gas is the world's largest LNG importer and has an interest in the Gladstone project to organize a stable supply of cleaner burning fuel. Korea Gas is close to purchasing a 10% stake in the Santos venture production in LNG for $1.5 billion.

There is considerable competition as BG Group Plc, Origin Energy Ltd and Royal Dutch Shell Plc are also planning projects in Queensland to convert coal seam gas to liquid for export to Asia.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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