Santos announces jump in sales revenue

 SANTOS last Friday announced higher second quarter production and a significant jump in sales revenue following the successful start-up of the PNG LNG project.

The quarter’s production of 12.8 million barrels of oil equivalent (mmboe) was an increase of 5% compared to the previous quarter and an increase of 3% compared to the second quarter of last year.

Sales revenue of US$974 million (K2.17 billion) for the quarter and US$1.89 billion (K4.21 billion) for the first-half increased by 22% and 25% respectively compared to 2013.

Managing director and chief executive David Knox said the successful start-up of the PNG LNG project, which shipped seven LNG cargoes by the end of the quarter, had driven the sound second quarter result and built momentum for a stronger second half.

“Delivery of the PNG LNG project is an important milestone for Santos in our journey to becoming a major LNG supplier to Asia. 

“This project will significantly lift Santos’ LNG production once the project reaches full output,” Knox said.