Santos has released its 2016 Second Quarter Activities Report.
- Record first half production of 31.1 mmboe, up 10% on the prior half-year.
- Second quarter production of 15.5 mmboe, up 8% on the corresponding quarter.
- Average realised oil price decreased 29% to US$43 per barrel for the first half.
- Upstream production costs of US$8.80/boe, 15% lower than the prior half-year.
- First half capital expenditure of US$283 million, 58% lower than the prior half-year.
- GLNG train 2 commenced LNG production on 26 May 2016. GLNG produced 1 million tonnes of LNG in the second quarter and shipped 16 cargoes.
- As announced on 19 July 2016, Santos has changed its reporting currency to US dollars. All dollar amounts in this report are US dollars, unless otherwise stated.
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s commitment to lifting productivity and cutting costs was starting to deliver tangible results.
“There is a lot of work ahead of us but today’s results show we are heading in the right direction.
“The second quarter also saw first LNG from GLNG train 2, which marked the successful delivery of the two-train project,” Mr Gallagher said.