Australia’s upstream company Santos said its total oil and gas production for the second quarter was 14.6 million barrels of oil equivalent (mmboe), up from 13.6 million boe for the same period last year.
“This growth reflects a 10.9% increase in natural gas production. Gas production increased in allSantos’ producing areas, particularly the Cooper Basin and the US. Condensate and LPG production rose in line with the increase in gas production,” it said in a statement.
There were also two significant exploration successes during the quarter, the Exeter 1 oil discovery in the Carnarvon Basin offshore Western Australia and the Maleo 1 gas discovery offshore East Java.
Managing director John Ellice-Flint said: “Santos achieved good production and exploration results during the quarter. This marks further progress towards achieving our strategic targets.”
However, sales revenue declined by 17% to A$351.2 million (US$1=A$1.77) compared with the 2001 second quarter, largely as a result of a 16.7% fall in realised oil prices.
Total production for the first half was up by 4.5% compared with the 2001 first half, with a 3% increase in sales volumes. The company said that total first half sales revenue remained strong at A$673.1 million, 10.4% below the record of A$751 million in the first half of 2001, notwithstanding a 20.9% reduction in the average realised oil prices.