Santos Provides Updates on its Upstream Oil, Gas Development Projects

Australia's oil and gas exploration and production company Santos Ltd. provided an update on the firm's local and foreign upstream development projects when it reported on third quarter results Friday.

The Dua oil project, located in Block 12W in the Nam Con Son Basin off Vietnam, is over 65 percent complete, with first oil targeted for the first half of 2014. The floating production storage and offloading (FPSO) modifications, riser pull-in and spool tie-in activities have been successfully completed and tested. The West Telesto (400' ILC) jackup is expected in the field in the fourth quarter.

In Indonesia, Santos said the Peluang gas project in the Maleo gas field, offshore East Java, is over 30 percent complete and production is scheduled to commence in the first half of 2014. The project, which is being developed as a tie-back to the existing facilities at the nearby Maleo field, will include one horizontal gas well, a minimum facility stand-alone wellhead platform and a pipeline to the Maleo platform. Fabrication of the wellhead platform and equipment skid packages is nearing completion, and preparation for offshore installation is progressing. When completed, the Peluang gas project is anticipated to reach a gross peak production of 25 million standard cubic feet per day (MMscf/d).

Santos reported that the $19 billion Papua New Guinea (PNG) liquefied natural gas (LNG) project is over 90 percent complete and first LNG remains on track for the second half of 2014. Construction continues to progress at the LNG plant and upstream locations, and commissioning activities are now underway. Around 404 miles of onshore and offshore pipeline between Kutubu and the LNG plant is now in operation and construction is progressing on the remaining section of onshore pipeline between Kutubu and the Hides Gas Conditioning Plant. Commissioning is also being ramped up at the LNG plant, while the LNG loading jetty is mechanically complete and final commissioning is in progress.

Santos also indicated that the $18.5 billion GLNG project in Queensland, Australia is over 65 percent complete, with first LNG planned for 2015.

“Excellent progress continues to be made on our two major growth projects (PNG LNG and GLNG) ... Dua and Peluang are also on track to deliver first oil and first gas respectively in the first half of 2014," Santos Managing Director and CEO David Knox said in a company release.



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