Santos has seen a leap in output with production of 11.9 million barrels of oil equivalent in the June quarter was 8% higher than the first quarter of 2011 and in line with the corresponding period in 2010. Natural gas, ethane and LNG production was 6% above the first quarter due to higher production from the Cooper Basin, John Brookes and Victoria.
Quarterly crude production was 21% above the first quarter due to higher production from Western Australian assets and the Cooper Basin.
The company has recovered well from following adverse weather conditions in the first quarter, Cooper Basin production operations and well construction activities are returning to normal as conditions dry out and access improves, however several fields remain flood-affected.
Santos has also bid this week to buy the outstanding 80% of share in Eastern Star which is does not already own, for US$ 730 million, the deal will make Santos the largest owner of gas fields in New South Wales.
GLNG is on schedule
Construction is progressing to schedule and budget on the US$ 16 billion, 7.8 million tpy GLNG project; clearing of the LNG plant site on Curtis Island is well advanced and the first concrete pour was made during the quarter.
Santos Chief Executive Officer David Knox said construction of the GLNG project was progressing to schedule and budget.
“GLNG construction activity is ramping up quickly. Site clearing and bulk earthworks at the LNG plant site on Curtis Island are well underway.
“GLNG is off to a good start. We are on schedule for first LNG in 2015,” Mr Knox said.
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