First cargo ships from Gladstone LNG

BRISBANE, October 16, 2015 – Australia’s Gladstone LNG project shipped its first cargo on Friday.

The plant, operated by Australian upstream company Santos, produces 7.8 million tonnes of LNG per year.

The maiden cargo was shipped to South Korea’s Kogas, the main buyer of the project’s LNG along with Malaysia’s Petronas.

The $18.5-billion Gladstone project is one of only two LNG plants worldwide to be fed by coal seam gas.

Santos has been struggling under the weight of $8.8 billion in net debt, created mainly by the drop in commodity prices.

Its partners in the Gladstone project include Kogas and Petronas, as well as Total.

Australia has invested heavily in LNG developments in recent years and is poised to overtake Qatar as the leading global supplier of the commodity.

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