An indication for Santos Ltd is displayed on the entrance of the corporate’s workplace constructing within the rural township of Gunnedah, situated in north-western New South Wales in Australia, March 9, 2018. Picture taken March 9, 2018. REUTERS/David Gray/File Photo
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SYDNEY, June 5 (Reuters) – Australian gas producer Santos Ltd (STO.AX) mentioned on Sunday it’s taking steps, together with its three way partnership accomplice Beach Energy (BPT.AX), to improve domestic supply of the vitality useful resource, as Australia faces hovering costs of wholesale energy and gas.
The measures, which embrace bringing a fifth drilling rig into the Cooper Basin and optimising effectively connections, purpose to ship an additional 15 terajoules of gas per day by the top of the 12 months, Santos mentioned in an announcement. It mentioned the corporate will spend greater than $300 million within the basin this 12 months.
“This funding will ship extra gas to the domestic market, which is desperately wanted,” Santos Chief Executive Kevin Gallagher mentioned within the assertion.
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Australia’s new vitality minister, Labor’s Chris Bowen, vowed final week to take motion mandatory to guarantee dependable and reasonably priced vitality supply amid a “good storm” that has sent domestic wholesale prices of power and gas soaring. read more
“Recent domestic gas supply and price pressures have been caused by a spike in gas-fired power generation to back up renewables and to replace the 30% or more of coal-fired
energy era that has been offline or not working since early May,” Gallagher mentioned.
The announcement comes after Santos mentioned final week it entered into a brand new settlement with a unit of Yara International (YAR.OL) to supply pure gas to the Norwegian firm’s liquid ammonia plant in Western Australia.
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Reporting by Samuel McKeith; Editing by Muralikumar Anantharaman
Our Standards: The Thomson Reuters Trust Principles.
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