Australia needs to ramp up liquefied natural gas exports before 2016 when demand for the fuel is expected to soften, that is according to US contracting giant Bechtel speaking to the Australian Financial Review.
The comments came on the same day oil and gas producer Santos Limited (ASX:STO) announced its first production of natural gas from its Devil Creek gas plant in Western Australia.
The gas is expected to increase Western Australia’s supply by up to 20 per cent.
Santos has predicted heightened demand for Australian gas exports, forecasting gas exports to quadruple by 2025 and the price of gas more than double in the next 20 years.
In the 2011 financial year Santos' boosted its net profit by 115 per cent to $504 million.
