Santos' 3Q 2014 Sales Revenue Up 4% to $929M, Boosted by PNG LNG

Santos Ltd. recorded a 4 percent increase in sales revenue for third quarter 2014 (3Q 2014) to $929 million (AUD 1.06 billion), compared to $900 million (AUD 1.027 billion) in the previous year, with the gains attributed to a successful ramp-up of the PNG LNG project in Papua New Guinea, the Australian oil and gas exploration and producing company said in its quarterly financial report released Friday.

Sales volume rose 8 percent in 3Q 2014 to 16.8 million barrels of oil equivalent (MMboe) from 15.5 MMboe a year ago, while production volumes rose 4 percent increase from 13.4 MMboe to 14 MMboe -- the highest quarterly production in seven years. Santos maintained its 2014 production guidance, which is pegged at 52-57 MMboe.

Meanwhile, Santos indicated that the GLNG project in Queensland, Australia continues to deliver key construction milestones, including commissioning of the first upstream gas hub, first gas into the gas transmission pipeline, delivery of the final train 2 module and the completion of hydro-testing of the second LNG (liquefield natural gas) tank.

"GLNG is approaching 90 percent complete, it remains on budget and we are on track to deliver first LNG in 2015," David Knox, Santos managing director and CEO said in the press release.

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