LNG

Dec 11 (LNGJ) - Australian energy company Santos has cut its projected 2015 capital expenditure to $2.0 billion from the previous $2.7Bln. Announcing the cut, Santos Chief Executive David Knox reaffirmed the strength of the Santos financial position notwithstanding the substantial fall in the oil price. "The Papua New Guinea LNG project is producing at full capacity," said Knox. "The Gladstone LNG project is 90 percent 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," the Santos CEO stated.