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Santos Revenue Grows as Projects near Completion

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Australia’s Santos Ltd. has delivered a significant boost in first quarter revenue despite modest production growth.

Adelaide-based Santos said Thursday production had increased by 1 percent in the three months to end-March, against the same period a year ago, to 12.2 million barrels of oil equivalent.

Against the December quarter, production fell by 7 percent as gas output in Western Australia dropped, the company added.

Meanwhile, increased third-party crude oil sales in the March quarter guided the company’s revenue 28 percent higher to $856 million (AUD $913 million). However, revenue was 14 percent lower than the December quarter.

Santos continued to close in on completion of several of its major projects in Australia and internationally during the quarter.

Santos Managing Director David Knox commented: “The Papua New Guinea LNG project is progressing ahead of schedule, with first LNG cargo expected for the middle of this year.

“The project is currently over 95 percent complete with first production of condensate from the Hides fields commencing in late March.

Elsewhere, Santos said the Gladstone LNG project in Queensland was 80 percent complete, and remained on track and on budget for first LNG in 2015.

In Asia, the company’s Peluang project in Indonesia was delivered ahead of schedule, while the Dua oil project in Vietnam is “progressing well and remains on track for first oil in mid 2014.”

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