bg: slow to shore up reserves

Speaking of companies whose gas reserves do not match their ambitions, this from today's The Australian:

Due to the heavy flooding in QLD, "British gas giant (BG) has been unable to shore up gas reserves as quickly as it had hoped..."

http://www.theaustralian.com.au/business/bg-faced-delay-on-queensland-curtis-liquefied-natural-gas-plant/story-e6frg8zx-1226054262885

Shame. I wonder what the cost of money is on a $16 billion project, who experiences delays of 6 months to a year..?

At least BG have been honest with investors that the rain has delayed their reserves growth and is putting pressure on their timetable. And as we know, BG is in a far stronger reserves position for their 2-Train project than Santos and friends. And Shell/PetroChina are even further back...

I wonder how GLNG are going? They were short to start with, knowing that they only had a maximum of 9,000 PJ at the 'ultimate maturation of their field'. Other projects are now revealing they are behind where they wanted to be in terms of reserves growth. And Santos has already had to do deals with JV partners in the Cooper to BUY gas, some of which is not even in the 2P category yet, and some of which is already allocated!

Little wonder Knox is now admitting, finally, that Santos wish to use ESG's gas from the Gunnedah Basin.

Our gas is not a 'nice to have' for Santos and GLNG. It is an imperative. Which is why Santos bought into ESG in the first place. And why, sneakily, they have been creeping their shareholding upwards.

Yaq