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Santos’ LNG sales volumes double

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LNG Industry,

Santos has announced a 31% increase in 3Q16 sales volumes to 21.3 million boe.

The company’s LNG sales volume more than doubled to 755 500 t, as a result of the ramp up at the Gladstone LNG (GLNG) project, which produced 1.3 million t of LNG during the quarter and shipped 21 cargoes. The PNG LNG project also recorded a strong performance.

Santos’ 3Q16 production was up 7% to 15.5 million boe, while its year-to-date capital expenditure was down 53% to US$438 million. 2016 guidance reduced to US$700 million.

2016 production guidance narrowed to 60 to 62 million boe and the production cost guidance was cut to US$9 - 9.50/boe.

Santos Managing Director and Chief Executive Officer, Kevin Gallagher, said: “We are taking the right steps to ensure Santos becomes a strong and sustainable business, and that mindset guides our decision making as we continue to reduce costs and maintain a strong capital discipline. Furthermore, our decision to commence oil price hedging reflects our desire to reduce the effect of commodity price volatility.”

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