Santos’ first quarter 2014 activities report has shown higher first quarter production and sales revenue, as well as progress on major LNG projects.
The company announced 28% higher sales revenue than the corresponding quarter, which was attributed to higher third-party crude oil sales.
Santos’ gas production of 50.6 petajoules was 4% lower than the corresponding quarter, with higher production from Darwin LNG and the Cooper Basin offset by lower production from the Carnarvon Basin due to lower customer nominations. The average gas price of $5.66/GJ for the March quarter was 4% higher than the corresponding quarter.
Santos Managing Director and Chief Executive Officer David Knox said: “The PNG LNG project is progressing ahead of schedule, with first LNG cargo expected for the middle of this year. The project is currently over 95% complete with first production of condensate from the Hides fields commencing in late March.”
Knox continued: “I am also pleased to report that GLNG continues to make good progress, remaining on budget and on track for first LNG in 2015. The project is now 80% complete, with all train 1 modules delivered to Curtis Island, all mainline pipeline in the ground, the marine crossing tunnel complete and the pipeline installed.”
Adapted from press release by Callum O'Reilly
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