Returns at Santos’ GLNG project in Queensland may average 5 per cent a year, well below target, estimates MST Marquee, in contrast with claims of windfall profits.
Those write-downs mean returns on all the projects may be running in the single digits.
The debate comes as Santos’ GLNG, which includes giant LNG importer Korea Gas Corporation and Malaysia’s Petronas, has warned the federal government that curbing LNG exports from Queensland would put the energy security of those two nations “directly at risk”. “It is beyond ridiculous that people calling for these ‘windfall’ taxes don’t seem to understand that many of the project sponsors of these LNG projects are the same people whose dollars will be needed to invest in the new energy projects too,” he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NGS Super dumps $125m of Woodside and Santos sharesThe superannuation fund is the first in its sector to dump holdings in the oil and gas producers, as funds debate the merits of divesting or engaging.
Read more »
NGS Super dumps $125m of Woodside and Santos sharesThe superannuation fund is the first in its sector to dump holdings in the oil and gas producers, as funds debate the merits of divesting or engaging.
Read more »
Government could take hit over energy giant’s $200m IT project blowoutBut the boss of Energy Queensland, responsible for the upgrade, described the computer systems as dating back to “just after the Second World War”.
Read more »
Qld police used spit hoods on youths just six months ago, hearing toldThe revelation, which has reignited calls for the “torture devices” to be banned, follows a 2016 claim by then attorney-general Yvette D’Ath that the hoods were “not used” in Queensland.
Read more »
A responsible agenda to get more gas will annoy almost everybodyOPINION: Pulling the trigger on LNG export bans is just the first difficult decision needed to safeguard Australia’s energy security.
Read more »
Qld would accept lower royalties to help east coast gas crisisQueensland was set to receive $4.8 billion in oil and LNG royalties over the next four years, but this could fall if gas is diverted from lucrative overseas buyers.
Read more »