LogIn LogOut

Record Production for Santos

January 22, 2020

Illustration; Image by vitchanan - AdobeStock
Illustration; Image by vitchanan - AdobeStock

Santos Ltd posted record annual production on Wednesday, benefiting from higher gas output at its Western Australia assets.

Australia's second-biggest independent gas producer acquired Quadrant Energy in late 2018 for more than $2 billion, boosting the firm's total production over the last year and giving it a stake in the promising Dorado oil find off Western Australia.

The oil and gas producer said annual output rose to 75.5 million barrels of oil equivalent (mmboe), falling within its previous guidance of between 74 mmboe and 76 mmboe. The Adelaide-based firm maintained its 2020 production guidance of between 79 mmboe and 87 mmboe.

"We are also investing in projects to lower emissions and assessing the significant potential for carbon capture and storage in the Cooper Basin," said Chief Executive Officer Kevin Gallagher. 

Cooper basin is an oil and gas field in Queensland. Santos in December raised its forecast for 2025 production by 20%, underpinned by the oil and gas projects it plans to develop in Australia and Papua New Guinea. 

The forecast projected output to rise by 8% a year during the period. Revenue for the fourth quarter fell to $1.03 billion from $1.04 billion a year earlier, hurt by customer outages and lower liquefied natural gas prices. 

(Reporting by Niyati Shetty and Shreya Mariam Job in Bengaluru; Editing by Amy Caren Daniel)

Categories: Production Australia/NZ


Current News

CCS, Hydrogen Challenges a Focus at SPE Offshore Europe 2023

CCS, Hydrogen Challenges a Focus at SPE Offshore Europe 2023

Consortium Proposes 2.5 GW Offshore Wind Farm in Bass Strait, Australia

Consortium Proposes 2.5 GW Offshore Wind Farm in Bass Strait, Australia

Baron Oil Gets Six-Month Extension for Chuditch PSC Offshore Timor-Leste

Baron Oil Gets Six-Month Extension for Chuditch PSC Offshore Timor-Leste

QatarEnergy in 15-Year LNG Supply Deal with Bangladesh

QatarEnergy in 15-Year LNG Supply Deal with Bangladesh

Vestigo Petroleum Books Jack-up Drilling Rig for 5-Well Program

Vestigo Petroleum Books Jack-up Drilling Rig for 5-Well Program

Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Valeura Extends FPSO Charter and Maintenance Services Contract for Jasmine Oil Field

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com