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



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