THE PATH TO SUCCESS
In September 2007, David Knox joined the Santos team as Executive Vice President of Growth Businesses.
Mr Knox had the global experience required to get a project like GLNG off the ground, coupled with an intimate knowledge of the Asian Pacific oil and gas landscape. Two weeks after Mr Knox joined the company, the Gladstone LNG Project was officially announced.
After six months at Santos, Mr Knox stepped in as Acting Chief Executive Officer before announcing that the global LNG giant PETRONAS would partner with Santos in the project.
A defining moment for the project,
a 40 per cent stake in the project was sold for AU$2.5 billion, the company’s largest transaction to date.
The GLNG Project was formally sanctioned in January 2011, underpinned by binding 20-year LNG supply contracts to PETRONAS and KOGAS for 7.2 MMt/a of LNG in aggregate, which will see Santos ultimately deliver about 11 per cent of Korea’s domestic gas needs and around 9 per cent of Malaysia’s demands for the next 20 years.
When fully operational, the project will have the capacity to produce up to
7.8 MMt/a of LNG.
Its contribution to the local economy has also seen more than AU$15.4 billion invested Australia-wide, with AU$7.9 billion in Queensland alone.