Australia LNG Export Boom Nips Santos Amid Gas Pinch at Home
- Gas prices in Brisbane were double the previous year in July
- Australia on path to surpass Qatar as largest LNG producer
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After spending billions of dollars constructing a world-class liquefied natural gas export project in Australia, Santos Ltd. has found itself short of gas.
The country’s third-largest energy producer, which isn’t pumping enough of its own gas to feed its Gladstone LNG plant yet, is having to buy expensive local supplies to fill the gap. Meanwhile, prices for the LNG that Santos is selling have plummeted by more than half in the past two years amid a supply glut driven in part by rising Australian production.