Energy giant Santos Ltd
(ASX:STO) is due to approve its $15 billion Gladstone LNG export project this week.
The venture is expected to boost Australia’s LNG production capacity by over 35 per cent and will bring the nation one step closer to becoming the world’s second later LNG producer by 2020.
According to the Australian Petroleum Production and Exploration Association (APPEA), production is expected to touch at least 60 million tons per annum by that year.
Santos has been planning to make a final investment decision on the project by the end of 2010 and many analysts believe this week is the most likely timing for an announcement.
For the half year ended 30 June 2010, Santos booked a net profit of $198 million.
