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Big spender: Santos

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Santos in $381m CBM spend

Australian producer Santos will pay A$476 million (US$381 million) to boost its coalbed methane position in Australia's Gunnedah basin, the company said today.

Upstream staff  02 July 2009 09:26 GMT

Santos will buy a 20% stake in Eastern Star Gas for A$176 million and a 35% stake in various exploration permits operated by Eastern Star for another A$300 million, the company added.

Santos and Malaysian state oil company Petronas plan to build a A$7.7 billion liquefied natural gas facility at the Queensland port of Gladstone, with an annual output of 3.5 million tonnes in the first phase using CBM.

First LNG production is scheduled in 2014.

Published: 02 July 2009 09:26 GMT  | Last updated: 02 July 2009 09:26 GMT

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