Santos
(ASX:STO) said yesterday that production could decline next year because it is closing a plant for over a month to increase its long term capacity.
Output for 2010 is expected to be between 51 and 54 million barrels of oil equivalent while the 2009 estimate is 53 to 56 million barrels.
Santos also said that capital spending would jump 75% to $2.8 billion as it develops its liquefied natural gas projects in Australia and Papua New Guinea.
Santos shares ended lower yesterday on the news.
The oil and gas giant reported a 2008 net profit of $1.65 billion.
