Australia's Santos Reports 25% Jump in Q2 Sales

Australian energy major Santos on Friday reported a 25 percent jump in sales as the company successfully started the second train of GLNG project.

Sales climbed to 19.6 million barrels of oil equivalent (mmboe) in the June quarter of 2016 from 15.7 mmboe a year earlier. Production was up 8 percent at 15.6 mmboe.

Total revenue fell 3 percent to $590 million from a year earlier as average realised oil price decreased 29 percent to $43 per barrel.

For GLNG project, gross gas delivered to the LNG plant during the quarter was 60.6 PJ from GLNG’s supply portfolio including GLNG indigenous production, Santos’ portfolio and third-party purchased quantities. Santos’ share of GLNG domestic gas and sales gas to LNG production was 7.2 PJ for the quarter. The LNG plant produced 1 million tonne of LNG during the quarter and shipped 16 cargoes, taking the total to 39 cargoes since start up in September 2015. GLNG train 2 produced first LNG on 26 May 2016.

Gross gas production at PNG LNG project during the quarter was 105 PJ (Santos share 14.2 PJ). The LNG plant produced 1.8 million tonne of LNG in the quarter, lower than the previous quarter primarily due to routine maintenance in April, and an unscheduled plant shutdown in May due to an electrical issue. A total of 25 LNG cargoes were shipped during the quarter. Gross condensate production for the quarter was 2.6 mmbbl (Santos share 351,200 barrels). Gross gas production from SE Gobe of 3.0 PJ (Santos share 0.2 PJ) was purchased by the PNG LNG project during the quarter.