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Santos AGM outlines plans to boost oil production

Addressing the Annual General Meeting of Santos Ltd, the Chairman, Mr Stephen Gerlach, told shareholders that 2002 had been one of the most productive and exciting years in the Companys 49-year history.

The Company:

  • Achieved record production and sales,
  • Established three new growth projects,
  • Commercialised 620 petajoules of gas,
  • Achieved savings in capital and operating costs of $78 million, ahead of target.
  • Discovered resource potential of 106 million barrels of oil equivalent through exploration and replaced 119% of reserves.

“Santos’ future prospects are excellent”, Mr Gerlach said.

The Company also announced plans to boost both near and longer-term oil and liquids production.

“It is oil and liquids that provide the high margin upside for our investors”, Managing Director Mr John Ellice-Flint said.