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PNG LNG drives Santos quarterly production

LNG Industry,

Santos has announced the highest quarterly production in seven years, with production of 14.0 million boe, 9% above the previous quarter.

Sales revenue of US$ 1060 million for Q3 increased 9% on the previous quarter, and is up 16% compared to the first nine months of 2013.

Santos CEO, David Knox, said that the successful ramp-up of the PNG LNG project had driven the company’s highest quarterly production result since 2007.

The company also reported that the Gladstone LNG project continues to deliver key construction milestones, including commissioning of the first upstream gas hub, first gas into the gas transmission pipeline, delivery of the final train 2 module and the completion of hydro-testing of the second LNG tank.

“GLNG is approaching 90% complete, it remains on budget and we are on track to deliver first LNG in 2015,” Knox said.

Quarterly highlights

  • PNG LNG production reached full capacity in late July and 23 LNG cargoes were shipped during the quarter.
  • First gas introduced into the GLNG gas transmission pipeline.
  • Delivery of the final GLNG train 2 module to Curtis Island and successful hydro-testing of the second LNG tank.
  • Significant gas-condensate discovery at Lasseter in the Browse Basin.
  • First oil from the Dua project in Vietnam.
  • Acquisitions of exploration acreage offshore Malaysia and Vietnam.

Sales gas, ethane and gas to LNG production of 60.4 petajoules for the quarter was 9% higher than the corresponding quarter, reflecting the successful ramp-up of PNG LNG, partially offset by lower production from the Carnarvon Basin due to extended outages at customer facilities and lower nominations, combined with the planned one-month shutdown of Darwin LNG in the current quarter.

Total sales gas, ethane and LNG sales revenues jumped 37% to US$ 483 million for the quarter.

Adapted from press release by Katie Woodward

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