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Santos today announced that the GLNG project participants have executed a binding Heads of Agreement with Origin Energy for the purchase of 365 petajoules (PJ) of gas for supply to the GLNG project.

The gas will be supplied at Wallumbilla at a rate of 100 terajoules per day over a period of 10 years commencing in 2015 with pricing based on an oil-linked formula.

Santos Chief Executive Officer David Knox said the agreement with Origin delivers on the company’s strategy of creating shareholder value by executing the most efficient gas supply plan for GLNG.

“The gas supply portfolio of GLNG coal seam gas, Santos portfolio gas, third party supply and underground storage, combined with GLNG’s quality LNG off-take contracts, delivers significant value to Santos.”

“Today’s agreement adds to the previously announced supply of 140 terajoules per day of Santos portfolio gas to GLNG over a 15 year period.”

“Construction of GLNG is progressing well and is on schedule for first LNG in 2015,” Mr Knox said.

Santos has a 30% interest in GLNG. The other participants are PETRONAS (27.5%), Total (27.5%) and KOGAS (15%).