Santos Limited (ASX:STO) has affirmed its annual output guidance after reporting a 1 per cent increase in production on the same period last year.
The oil and gas explorer produced 12.2 million barrels of oil equivalent and sales were up 6 per cent year on year.
CEO David Knox says their PNG LNG project is progressing ahead of schedule, with the first LNG cargo expected to be shipped in the middle of this year.
The project is currently over 95 per cent complete with first production of condensate from the Hides fields commencing in late March.
Over the full year Santos has affirmed it expects to produce in the range of 52 to 57 million barrels of oil equivalent.
