In announcing record sales revenues in excess of US$ 1 billion driven by the company’s highest oil production in six years, strong oil prices and higher third party sales volumes, Santos also revealed that its major LNG projects were on track. PNG LNG is over 90% complete and due for its first LNG in the second half of 2014, and GLNG is over 65% complete and on track for its first LNG in 2015. Capital cost estimates for both projects are unchanged.
Strong construction progress across all aspects of the GLNG project was announced along with the raising of the second LNG tank roof, the completion of the Antonov heavy lift aircraft operations into Komo airfield at PNG LNG, and the introduction of commissioning gas to the LNG plant.
Santos Managing Director and Chief Executive Officer David Knox said that record sales revenues of over US$ 1 billion demonstrated the performance of the existing business at the same time as the company continued to progress the delivery of new projects and create opportunities for the future.“Excellent progress continues to be made on our two major growth projects, with PNG LNG over 90% complete and GLNG over 65% complete. Both projects remain on schedule and capital cost estimates remain unchanged,” he said.
Edited from various sources by Ted Monroe
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