Santos reports rise in 1Q15 production

Santos has announced a 15% rise in first quarter production to 14 million boe, as well as a 10% rise in sales volumes to 15.2 million boe, compared to the corresponding period of last year. The company has also reported progress at its GLNG project.

Santos Managing Director and Chief Executive Officer, David Knox, said: “I am pleased to report strong progress at GLNG, where first LNG is now expected around the end of the third quarter, within the US$18.5 billion budget.

“First gas was introduced into the LNG plant in early March and the first two gas turbine generators which provide electrical power supply to the plant are running.”

The company’s sales revenue fell 10%, primarily due to weakening global oil prices, partially offset by stronger domestic gas prices and a weaker Australian dollar.

Mr Knox added: “First quarter capital expenditure was 40% lower than last year, and we continue to make solid inroads towards reducing production costs per barrel across the business.”

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquefaction/17042015/santos-reports-rise-in-1q15-production-609/