Oil and gas explorer Santos Limited
(ASX:STO) says its PNG LNG project has started producing liquefied natural gas ahead of schedule.
The company says output from the first LNG train will increase over the coming weeks with first cargo expected to be shipped to Asian markets before mid-year. Santos is also progressing work on the second train with LNG output expected to start in the next several weeks.
Managing Director David Knox has described the news as a major milestone and says the delivery of the PNG LNG project is a key step in becoming a major LNG supplier to Asia.
Santos has a 13.5 per cent interest in the PNG LNG project which is expected to quadruple the company’s LNG production once it reaches full production.
Santos reported a net profit of $516 million in the 2013 calendar year.
