Oz Santos Reports Record Production

Australian oil and gas explorer Santos October 17 said its production during the three months to September 30 (Q3 2019) was a record for the company.

The company produced 19.8mn barrels of oil equivalent during the quarter, up 32% year on year. Production was up 7% quarter on quarter with higher production from all Australian assets, it said.

Santos’ sales volume during Q3 was also a record at 25.2mn boe, up 25% year on year. Sales revenue of US$1.03bn was the second-highest quarterly revenue on record, it said.

Commenting on the recent acquisition of ConocoPhillips' northern Australian interests, Santos CEO Kevin Gallagher said, "The acquisition of ConocoPhillips' northern Australia interests announced earlier this week delivers shareholders operatorship and control of long-life, low cost natural gas assets and strategic LNG infrastructure aligned to our brownfield growth strategy. Santos is keen to work with our joint venture partners to achieve alignment to support our Barossa development and to facilitate the future development of the vast discovered resources offshore and onshore Northern Territory."

ConocoPhillips is offloading its 56.9% position at the 3.24mn mt/yr Darwin LNG export terminal and the Bayu-Undan gas field that supplies it. It is also selling its 50% interest in the Athena gas field, in production since 2001.