Santos covers all bases with Gladstone LNG

Adelaide-based Santos Ltd has covered all bases in its Gladstone LNG (GLNG) project in Queensland by securing a diverse gas feedstock portfolio for its LNG plant on Curtis Island.

In the latest move the Santos-led GLNG participants have executed a second agreement with Sydney-based Origin Energy Ltd for the purchase of 100 petajoules of gas to supply the LNG project.

The gas will be supplied at the Wallumbilla gas hub in the Surat Basin near Roma over a period of five years beginning January 2016. Pricing will be based on an oil-linked formula.

Under the terms of the agreement Origin can supply additional volumes up to 94 petajoules during the same five-year period.

The GLNG consortium’s supply now consists of a mix of its own coal seam gas fields, conventional gas from Santos’ portfolio, underground storage gas and third party supply sources.

Previously GLNG had signed agreements with Santos for supply of 750 petajoules of portfolio gas over a 15-year period and an earlier agreement with origin for the supply of 365 petajoules over a 10-year period.

Santos has 30% and operatorship of GLNG with Petronas of Malaysia holding 27.5%, Total of France 27.5% and Kogas of South Korea 15%.

GLNG Project is now 72% complete and remains on schedule for first LNG in 2015.

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