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Australia's Santos warns of $1 bln impairment on gas project

Published 15/08/2016, 08:56 am
Australia's Santos warns of $1 bln impairment on gas project
STO
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SYDNEY, Aug 15 (Reuters) - Australian energy producer Santos Ltd STO.AX said on Monday it would take a $1 billion impairment charge on its GLNG gas project in the six months to June 30, citing low oil prices, a slower-than-planned production ramp-up and higher gas prices.

"The expected impairment charge for GLNG is clearly disappointing but it is a consequence of the challenging environment which we now face," Chairman Peter Coates said in a statement.

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