Santos has reported a strong fourth quarter, increasing production to 22.3 million barrels of oil equivalent (boe), a 5 per cent rise from the previous quarter. The company’s full-year output reached 87.7 million boe, despite weather-related challenges in the Cooper Basin. Santos is an Australian oil and gas company. They explore, develop, and produce natural gas and crude oil, supplying energy to homes and businesses across Australia and Asia.
Sales volumes also saw significant growth, climbing 15 per cent to 24.8 million boe during the quarter, resulting in revenue exceeding $1.2 billion. Unit production costs for the full year remained below $US7 per barrel of oil equivalent, excluding Bayu Undan, indicating efficient operations.
Key milestones include the commencement of first cargo loading at Darwin for Barossa LNG, following successful start-up and commissioning. Additionally, the Pikka phase one project is nearing completion at 98 per cent, with the 23rd well already producing approximately 8000 barrels of oil per day.
Santos chief executive Kevin Gallagher highlighted the company’s growth platform, noting the imminent first production from Pikka. Santos anticipates that Barossa LNG and Pikka phase one, operating at full capacity, will drive a 25-30 per cent increase in production by 2027. This increase will support sustained returns for shareholders and enable further reinvestment in the business to expand production capabilities.
