LNG

Santos, the Australian operator of the Gladstone and Darwin LNG projects and with a portfolio in Papua New Guinea, reported a more than three-fold increase in net profits of US$2.11 billion, a reward for its years of investment in the industry.

Oil Search, the Papua New Guinea liquefied natural gas and oil player, posted impressive third-quarter results making the US$6.25-billion merger with Australian LNG plant operator Santos even more enticing as PNG LNG expansion plans also advanced.

Cargo liftings of liquefied natural gas are maintaining their momentum through the week to April 11 and spot cargo prices for North Asia increased for June and July compared with last week while European gas values were flat.