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Summary

Santos has released its first quarter activities report for 2013, with growth projects on track and first quarter production impacted by planned shutdowns.

Growth projects on track; first quarter production impacted by planned shutdowns

  • Santos today announced first quarter production of 12.1 million barrels of oil equivalent (mmboe), 2% lower than the first quarter of 2012.
  • Gas production of 52.8 PJ (9.1 mmboe) was in line with the corresponding period, with higher Otway Basin production offset by lower production from the Cooper Basin due to major planned shutdowns.
  • The average gas price of $5.43/GJ for the March quarter was a record and 4% higher than the corresponding quarter, driven by higher Eastern Australian and Asian gas prices.
  • Quarterly crude oil production of 2.0 mmbbl was 19% below the previous quarter, due to the planned dry docking of Mutineer-Exeter and lower oil production from Stag and the Cooper Basin.
  • Sales revenue of $713 million for the March quarter was 5% lower than the corresponding quarter, primarily due to lower sales of third party gas.
  • Production guidance for 2013 is maintained at 53 to 57 mmboe.

Key activities during the period

  • The Fletcher Finucane oil project, offshore Western Australia, is progressing well with first oil expected ahead of schedule by mid-2013.
  • PNG LNG over 80% complete and on track for first LNG in 2014.
  • GLNG over 50% complete and on track for first LNG in 2015.
  • High-impact Western Australian drilling campaign underway with the drilling of the Bassett West prospect in the Browse Basin well advanced and the spudding of the Winchester exploration and Bianchi (Zola appraisal) wells in the Carnarvon Basin.
  • First well of the 16-well Cowralli pad in the Cooper Basin drilled in early-April.
  • Peluang gas project, offshore East Java Indonesia, sanctioned in February 2013, with first gas expected in the first half of 2014.

Santos Chief Executive Officer David Knox said that Santos remained focused on major project delivery in 2013.

“The progress on our Fletcher Finucane project, offshore Western Australia, has been pleasing and we look forward to first oil over the next few months to add to our growing Western Australian business.”

“Construction is also progressing well on our LNG projects with PNG LNG and GLNG remaining on track for first LNG in 2014 and 2015 respectively.”

“We continue to build our position in Asia, and during the quarter we sanctioned the Peluang gas project in Indonesia, continued construction of the Dua oil project in Vietnam and spudded our first CSG well in South Sumatra, Indonesia,” Mr Knox said.