OIL and gas company Santos Limited recorded a revenue of more than US$1.4 billion (about K5 billion) in the third quarter of 2023 in Papua New Guinea.
The third quarter production of 23.3 million barrels of oil equivalent (mmboe) was slightly higher than the prior quarter due to increased crude oil production in the country.
Santos managing director and chief executive officer Kevin Gallagher said the underlying business performance, combined with a strong focus on operational excellence, delivered yet another strong quarter.
“Free cash flow of US$1.6 billion (about K5.6 billion) year-to-date positions the company well to deliver shareholder returns, backfill and sustain our existing business, while also investing in our major projects and progressing our decarbonisation plans,” he said.
“Over the last quarter, Santos completed the First Nations underwater cultural heritage assessment required prior to pipe-laying at Barossa. “In response to the general direction issued by the regulator, the independent expert concluded after extensive research and interviews that there were no specific underwater cultural heritage places along the planned Barossa pipeline route that may be affected by the activities covered by the pipeline environmental plan.”
Bayu-Undan continuing to produce with at least one more LNG cargo expected, followed by sales into the Australian domestic market until end of field life.
Free cash flow from operations was around US$470 million (about K1.7 bilion) in the third quarter and US$1.6 billion (about K5.9 billion) year to date.
“We were also pleased to see further positive momentum for our Bayu-Undan CCS project with legislation to implement the London Protocol’s cross-border provisions for CO2 transport and storage,” Gallagher added.
Statement/TheNational/PacificMiningWatch
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