Santos Limited (ASX:STO) has given a boost to its GLNG liquefied natural gas project, extending its budget by $US2.5 billion.
Santos’ net share of the estimated increase is 30 per cent. The additional capital will ensure there are adequate gas supplies for the project.
The cost of the venture is estimated at about $US18.5 billion to the end of 2015.
Santos’ chief says, it is on track for first LNG in 2015 and the decision announced today, will allow GLNG to optimise gas delivery into two LNG trains.
Santos generated a net profit of $751 million for the 2011 financial year.
