Santos Sees 2014 Production Driven by PNG LNG Start-Up

Santos Sees 2014 Production Driven by PNG LNG Start-Up

Australia's oil and gas firm Santos Ltd. disclosed Wednesday that the company's production in 2014 is expected to reach 52 to 57 million barrels of oil equivalent (MMboe), driven by the start-up of the Papua New Guinea (PNG) liquefied natural gas (LNG) project next year.

Santos's current year production forecast is approximately 51 MMboe, David Knox, CEO and managing director said at an investor seminar, down from the production guidance set by the company in October of 52 to 55 MMboe.

The PNG LNG project is over 90 percent complete and is on track for first gas in 2Q 2014.

Santos' production will be further boosted by first gas from the Peluang project in Indonesia, which is now over 45 percent complete, in the first half of 2014.

The Dua development in Vietnam is also scheduled to commence production, at an average of 8,000 barrels of oil per day (bopd) in the first 12 months, in mid-2014.

Santos, which planned to achieve a production level of 80-90 MMboe in 2020, sets its capital expenditure guidance for 2014 at $3.16 billion (AUD 3.5 billion), compared to 2013's $3.62 billion (AUD 4 billion).


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Chee Yew Cheang
APAC Editor | Rigzone
 -  Malaysia's InvestKL Woos Top Oil, Gas ... (Oct 6)
 -  Petrobangla Invites EOIs for 3 Offshor... (Sep 30)
 -  Malaysia's SapuraKencana Posts 7.1% Ga... (Sep 29)
 -  TH Heavy Engineering, McDermott End Pa... (Sep 26)
 -  Singapore's NUS Slowly Builds its Petr... (Sep 26)

Most Popular Articles

From the Career Center
Jobs that may interest you
Branch Manager for Heavy Equipment Dealership in Mississippi
Expertise: Facilities Management|Mechanic
Location: Mississippi, United States, MS
Production Operator - Bladder Blade Separators/Manifolds Speci
Expertise: Mechanical Technician|Production Operator|Production Technologist
Location: Houston, TX
Commercial Engineering Analyst - Refinery
Expertise: Commercial Management|Refinery Specialist|Refinery Staff
Location: Baton Rouge, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours