SANTOS notes strong production of record annual production of 92.1 million barrels of oil

 SANTOS delivered a strong record annual production of 92.1 million barrels of oil equivalent (mmboe), inclusive of 1.7 mmboe from the Oil Search assets acquired last month.

According to the operator’s fourth quarter report ending Dec 31, stronger commodity prices and higher sales volumes by the company delivered record quarterly sales revenue of US$1.5 billion (about K5 billion), up 34 per cent, and record annual sales revenue of US$4.7 billion (about K16 billion), up 39 per cent from the previous year.

Santos managing director and chief executive officer Kevin Gallagher said: “Our disciplined, low-cost operating model continues to drive strong performance across the business and has positioned us to take full advantage of the increase in commodity prices.

“The completion of the Oil Search merger delivers us the size and scale to deliver even stronger outcomes in 2022 and beyond.

“I was particularly pleased that we were able to complete the merger before the end of 2021 and in just 130 days from the announcement of our intent to merge with Oil Search, and this sets us up for what is going to be a very busy 2022,” he said.

“Consistent with our strategy, our next stage of growth will be disciplined and phased.”

Gallagher said the Barossa project was 20 per cent complete and making “excellent progress” while he was delighted to announce the final investment decision on the Moomba carbon capture and storage project in November. “The Dorado Phase 1 and Pikka Phase 1 projects are progressing towards final investment decision this year.

“Our merger with Oil Search delivers increased scale and capacity to drive a disciplined, low-cost operating model and unrivalled growth opportunities over the next decade – with a vision of becoming a global leader in the energy transition.”


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