Santos hopes to capitalise on rising gas prices at Gladstone

INTERNATIONAL energy giant Santos will be hoping rising gas prices continue as its enormous Gladstone LNG project steams towards completion.

In its quarterly report covering the final months of 2013, Santos reported the average gas price was up 10% on the final quarter of 2012.

Its GLNG project is now 72% finished, running on schedule towards beginning operation in 2015.

In the past year, Santos has drilled 230 coal seam gas wells, and connected its wells in Roma and Fairfield to its water processing facilities.

Santos chief executive David Knox said it was determined to have these major projects tapping into Asian markets.

"The GLNG project remains on track for first liquefied natural gas in 2015," he said.

"We are confident that this year will see the project achieve a number of major milestones."

The cost of the GLNG project remains on budget, he said.

"For Santos, 2014 will also see the company continue to build and strengthen its base business here in Australia, while exploring opportunities for focused growth in Asia."

The GLNG plant is connected to south-west Queensland gasfields through a 420km gas line, which is to be finished by the end of 2014.

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