Santos (ASX:STO) is in a rush to secure short-term gas supply deals as its 10-year contract with Australia Pacific LNG (APLNG), partially owned by Origin Energy (ASX:ORG), expires at the end of May, according to a Monday report by The Australian, citing unnamed sources.
The contract's expiration poses a supply challenge for Santos' Gladstone LNG (GLNG) facility in Queensland, the report said.
To mitigate risks, Santos has accelerated efforts to secure gas amid concerns over tightening supplies on Australia's eastern seaboard, the report added.
Santos also faces a second contract expiry with AGL Energy (ASX:AGL) in 2027. The Australian Energy Market Operator projects structural gas deficits from 2029, with seasonal shortages potentially starting in 2028.
The company may negotiate new terms with APLNG at higher prices, reflecting current market conditions.
Santos did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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