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Mining & Resources

Strong oil activity helps Santos hit record revenues

3 Feb 2014, by Informa Insights

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Oil and gas firm Santos has revealed its best ever quarterly sales revenues – $1.1 billion for the final three months of 2013.

The organisation said strong oil prices, solid third-party sales volumes and excellent oil production figures were the primary drivers of its improved performance.

In Q4, Santos produced 13.1 million barrels of oil equivalent (mmboe), which was a 2 per cent drop from the 13.4 mmboe generated in the preceding quarter.

However, a 1 per cent improvement in sales volumes and higher oil prices overall led to a 4 per cent quarter-on-quarter rise in revenues.

Santos CEO David Knox said the last three months of 2013 continued to show the firm’s progress in delivering large-scale initiatives and boosting productivity.

“In the second half of 2014 the first of these projects, PNG (Papua New Guinea) LNG, is on track to commence LNG shipments to Asia, delivering a significant boost in production and cash flow for the company,” he stated.

There was also encouraging news for those pursuing shale gas courses and CSG training, as Mr Knox confirmed Santos will continue to explore its assets in these sectors.

“Last year, we continued to increase our understanding of our shale resources in the Cooper Basin, with the Moomba-194 and 191 wells delivering encouraging results,” the CEO added.

Oil_Gas_Economics_P13GR28WEBPDF-1The proximity of these resources to existing infrastructure provides us with a real advantage, and our exploration efforts will continue in 2014.”

The Moomba-194 and 191 wells are just 2 kilometres away from Santos’ production networks.

The company’s PNG LNG initiative is over 90 per cent complete, while its Gladstone LNG (GLNG) project is around 72 per cent finished.

According to the company, GLNG will be delivering its first gas in 2015. More than 230 CSG wells have already been drilled and pre-commissioning of the gas transmission pipeline is underway.

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