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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Canonsburg: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Canonsburg, PA
 
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours