LogIn LogOut

Santos Sees Revenue Jump, Raises Output Forecast

July 22, 2021

Illustration - Santos' Bayu Undan field in Timor Sea - Credit: ConocoPhillips Australia (File Photo)
Illustration - Santos' Bayu Undan field in Timor Sea - Credit: ConocoPhillips Australia (File Photo)

Australia's Santos Ltd increased the lower end of its annual production outlook on Thursday and reported a 37% jump in second-quarter revenue, helped by higher prices and increased demand for natural gas.

The country's second-largest independent gas producer now expects to produce between 87 and 91 million barrels of oil equivalent (mmboe) in 2021, higher than its previous forecast of 84-91 mmboe.

The company's production rose to 22.5 million barrels of oil equivalent (mmboe) for the three months ending June 30, higher than the 20.6 mmboe produced last year.

Prices for natural gas were at multi-year highs as of June-end, bolstered by increased stocking and high temperatures in the Northern Hemisphere, which led to increased demand for power generation.

The average sales price that Santos got for its liquefied natural gas (LNG) during the June quarter rose to $7.52 per metric million British thermal units (mmBtu), compared with $6.12 per mmBtu during the sequentially previous quarter.

The company's quarterly sales revenue rose to $1.08 billion from $785 million a year earlier.

Santos said it now expects annual sales volume to be between 100 mmboe and 105 mmboe, compared with its previous forecast of 98-105 mmboe. 

(Reporting by Sameer Manekar in Bengaluru; Editing by Shounak Dasgupta)




Current News

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

Iraq Approves $416.9M to Build Third Offshore Export Pipeline. Dutch Firm Selected for the Job

Iraq Approves $416.9M to Build Third Offshore Export Pipeline. Dutch Firm Selected for the Job

QatarEnergy to Sign Long-term Asian LNG Supply Deal on Thursday - Source

QatarEnergy to Sign Long-term Asian LNG Supply Deal on Thursday - Source

TGS, PGS, and Schlumberger in 6,885 sqm 3D Seismic Survey Offshore Malaysia

TGS, PGS, and Schlumberger in 6,885 sqm 3D Seismic Survey Offshore Malaysia
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