Santos Limited
(ASX:STO) may use its coal seam gas assets in the Gunnedah Basin in NSW to support the expansion of a project in QLD.
The energy producer’s chief executive told Fairfax newspapers that the assumption that gas from the NSW site would be used for NSW power production, may be likely to change.
The production in QLD will be a $US16 billion project to 10.8 million tonnes a year, from the current 7.2 million tonnes.
The company said it has 48 per cent of the Eastern Star Gas footprint, which has also been progressing plans to make money from its gas reserves.
For the year ended December 31, 2010, Santos booked a net profit of $498 million.
