Santos Limited
(ASX:STO)is set to increase production in 2014 due to its liquefied natural gas start-up in Papua New Guinea.
The company says it expects 2014 production to be between 52 and 57 million barrels of oil equivalent.
The group flagged an increase from 2013 production, which it now expects to be approximately 51 million barrels of oil equivalent.
Santos says its east coast gas market is in transition ahead of LNG demand and it sees fewer spot market opportunities in Western Australia.
The group says it is committed to increasing returns to shareholders and it intends to review capital management options as production approaches.
Santos generated a net profit of $271 million in the first half of fiscal 2013.
