Santos share prices rise after GLNG starts shipping

The price rise followed the maiden shipment of LNG from its $18.5bn Gladstone LNG export project

The Seri Bakti left the port of Gladstone carrying a cargo of 146,000 m³ of LNG to Korea Gas Corporation, a 15% owner of the GLNG venture. The start-up comes after Santos and its partners, which also include Malaysian national oil company Petronas and French major Total, spent “roughly $10,000 a minute for the last seven years” in bringing it to fruition, Santos’ chief executive, David Knox, said as the ship set sail. Santos’ survival was in doubt just a few months ago because the oil price collapse jeopardized the potential financial performance of GLNG, which saw investors fleeing and Santos’ share price collapsing from around A$15 in mid-2014 to a low of A$3.98 on 30 September. But it sur