PNG LNG Drives Santos' Production to Seven Year High

Santos on Friday said successful ramp-up of the PNG LNG project had driven the company’s highest quarterly production result since 2007.

PNG LNG production reached full capacity in late-July and 23 LNG cargoes were shipped during the quarter.

Company’s quarterly production stood at 14.0 mmboe, up 9 percent compared with previous quarter.

Sales revenue of $1,060 million for the quarter increased 9 percent on the previous quarter and is up 16 percent compared with first nine months of 2013.

Santos also reported that the GLNG project continues to deliver key construction milestones, including commissioning of the first upstream gas hub, first gas into the gas transmission pipeline, delivery of the final train 2 module and the completion of hydro-testing of the second LNG tank.

Santos Managing Director and Chief Executive Officer David Knox said, “GLNG is approaching 90% complete, it remains on budget and we are on track to deliver first LNG in 2015.”