Santos increases profits on quarter and the year

Santos have increased their December quarterly production by 15 per cent on 2013 results, and increased yearly production by six per cent.

Sales revenue for the December quarter production of 15.1 mmboe reached $1.1 billion, while full year sales of 54.1 mmboe reached $4 billion.

Santos managing director and chief executive David Knox said Santos had succeeded in delivering growth and record sales revenue despite the plunge in oil prices.

“These results affirm the strength of Santos’ underlying business, the transformation of our operations and the positioning of the company as a major player in the Asian LNG market.,” he said.

“We look forward to further growth in 2015 with the start-up of GLNG in the second half of this year.

Knox said commissioning of the GLNG LNG plant was well underway, with firing of the first gas turbine generator expected in the coming weeks.

“GLNG is more than 90% complete and it remains on time and on budget,” he said.

Santos said that the Barossa-3 appraisal well, 300 kilometres offshore from Darwin, had intersected a gross gas bearing interval of 152 metres, providing significant upside to the resource position for the Barossa gas field.

The new Barossa-3 result means the Barossa gas field in the Bonaparte Basin is well positioned to supply gas for either back-fill or expansion at Darwin LNG.

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