GDF Suez, Santos retreat from Australian floating LNG project

|By:, SA News Editor

GDF Suez (GDFZY) and Santos (STOSF) decide to back away from a multibillion-dollar plan to develop natural gas fields offshore Australia using untested technology that can convert gas to a liquid at sea.

The thinking behind the technology is that it removes the need to build pipelines to the coast, but the cost of designing a liquefaction and storage system that can withstand the ocean has proven prohibitive.