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PNG LNG project driving-up Santos’ revenue

18th July 2014

Santos has announced higher second quarter production and a significant jump in sales revenue following the successful start-up of the PNG LNG project, which commenced production in April of this year ahead of schedule

PNG LNG project driving-up Santos’ revenue
Sanctioned in December 2009, the PNG LNG project involves the development of gas and condensate resources in the Hides, Angore and Juha fields

The quarter’s production of 12.8 million barrels of oil equivalent a day (mmboe) was an increase of 5 per cent compared to the previous quarter and an increase of three per cent compared to the second quarter of 2013.

Santos managing director and chief executive officer, David Knox, said that the successful start-up of the PNG LNG project, which shipped seven LNG cargoes by the end of the quarter, had driven the sound second quarter result and built momentum for a stronger second half.

“Delivery of the PNG LNG project is an important milestone for Santos in our journey to becoming a major LNG supplier to Asia, said Knox. “This project will significantly lift Santos’ LNG production once the project reaches full output, and we are already seeing the contribution it is making.”

Sanctioned in December 2009, the PNG LNG project involves the development of gas and condensate resources in the Hides, Angore and Juha fields and associated gas resources in the operating oil fields of Kutubu, Agogo, Gobe and Moran in the Southern Highlands, Hela and Western Provinces of Papua New Guinea.

 

Related topics: 

LNG

Asia

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