Exploration & Production | Top Story | Capital Markets | Capital Expenditure
Santos Scales Down 2015 Budget from Initial $2.7B Guidance
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Santos has today reduced its projected 2015 capital expenditure to $2.0 billion from the previous guidance of $2.7 billion.
Making the announcement, Santos Managing Director & Chief Executive Officer David Knox reaffirmed the strength of Santos’ financial position notwithstanding the substantial fall in the oil price and the company’s share price in recent weeks: "We remain on track to realise the cash flow benefits in 2015 and 2016 from our growth investments in recent years.
"The PNG LNG project is producing at full capacity. The GLNG project is 90% complete and remains on track for first LNG in the second half of 2015. First commissioning gas is expected to be introduced to the LNG plant before the end of 2014. Offtake agreements are in place with large, well-capitalised buyers."
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