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Summary

Santos Gas to Facilitate Major New Queensland Power Project

Santos Ltd today announced that it will sell up to 120 petajoules of natural gas to Queensland power generator, CS Energy Ltd, over a 10 to 15 year period. This will facilitate investment of over $300 million in gas-fired generation capacity and infrastructure development in Queensland.

Gas sourced from Santos 100% owned Scotia field in ATP-378-P in eastern Queensland will be supplied to CS Energys proposed 385-megawatt gas turbine at its Swanbank power station in Ipswich (west of Brisbane), commencing on 1 July 2002.

The Swanbank project signals a major new investment in gas-fired generation capacity in Queensland. The project will also make a major contribution towards the Queensland Governments recently announced target of 13% gas-fired electricity generation.

Santos development of field infrastructure and construction of gas processing facilities at Scotia will commence immediately.

Santos ability to supply Scotia gas for this project reflects its willingness to invest in high risk exploration in Queensland. Santos is committed to continuing its major gas exploration program in Queensland. With its joint venturers it will spend $200 million on exploration over the next 3 years. Santos has also recently applied for and been granted exploration acreage immediately to the north of the Scotia field and ATP-378-P.

Commenting on the signing, the Managing Director of Santos, Mr Ross Adler said:

Santos is pleased to be supplying gas for the Swanbank project. This will be the largest gas-fired power station in Queensland.

This contract marks further progress by Santos in bringing the benefits of gas to Queensland energy users. Over the last five years the use of gas in Queensland has increased by over 50% as a result of developments made possible by gas supplied by Santos.