Business

Santos notches up record sales revenue as GLNG progresses

SANTOS has announced record sales revenue of more than $1 billion for the third quarter of 2013 as its GLNG project on Curtis Island continues to progress well.  

The record result was driven by the company's highest oil production in six years, strong oil prices and higher third party sales volumes. 

The company reported on Friday that construction was progressing well across all aspects of its GLNG project on Curtis Island, with the 200th CSG well for the year spudded in early October, the first Fairview wells connected to the new water processing infrastructure, completion of the clearing and grading of the mainland pipeline right-of-way and the raising of the second LNG tank roof.

Santos managing director and chief executive officer David Knox said the record sales revenue demonstrated the performance of the existing business at the same time as the company continued to progress the delivery of new projects and create opportunities for the future.

"Excellent progress continues to be made on our two major growth projects, with PNG LNG over 90% complete and GLNG over 65% complete. Both projects remain on schedule and capital cost estimates remain unchanged," Mr Knox said.

"We also continue to execute our strategy of focused growth in Asia, with the acquisition of an interest in the Ande Ande Lumut oil field offshore Indonesia and interests in exploration permits in Papua New Guinea."

The average gas price of $5.98/GJ for the September quarter was a record and 10% higher than the corresponding quarter, driven by higher gas prices in Western Australia and Indonesia, and higher LNG prices from Darwin LNG. 

Topics:  curtis island, gladstone business, glng, santos




BREAKING: 'Flames from the roof': Gladstone house fire 'reignited'

A house is well-alight in New Auckland.

Fire crews are still on the scene of a house fire.

$2m accomodation boost as 350 workers flock to region for $31m overhaul

LARGE WORKFORCE: More than 350 temporary contractors will be on site for the overhaul.

350 contractors will settle in Bileola while working at Callide

100 people a week lose work across Gladstone, Rockhampton

QAL February 2016

400 WORKERS lose job or remain unemployed in woeful month for jobs.

Latest deals and offers

Matt Damon is taking a break from acting

Matt Damon is taking a break to spend time with his family

Police foiled terrifying 1m plot to kidnap Katie Price

Police foiled a £1 million plot to kidnap Katie Price and her family

Kristen Bell's baby confession

Kristen Bell once pretended to be asleep when her baby woke up early

Babylon 5's Jerry Doyle has died

Jerry Doyle has died from unknown causes at the age of 60

Mum driver heroically ignores hilarious lip-syncing son

Hilarious moves while Mum concentrates on the road.

IF IT takes a village to raise a child, why aren't they driving?

Twitter adds dancing David Brent emoji

Ricky Gervais's character has its own emoji now

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

The climb is slow but property on the way up

Michael Matusik, director of Matusik Property Insights.Photo Allan Reinikka / The Morning Bulletin

The improvement would be mild when compared to past cycles