AUSTRALIA'S SANTOS: DOUBLE PRODUCTION
LNG INDUSTRY - Santos has released a statement announcing its aim to increase production to over 100 million boe by 2025, almost doubling current production levels.
The Managing Director and CEO of the company, Kevin Gallagher, spoke at the company’s investor day in Sydney, Australia, and said that the successful delivery of the Transform-Build-Grow strategy presented to the market in 2016 had now positioned the company for disciplined growth.
Gallagher noted that, since the beginning of 2016, Santos’ strategy has delivered the following:
- A diversified portfolio of five long-life natural gas assets generating free cash flow at <$40 per barrel oil price.
- Australia’s lower-cost onshore operations.
- A strong balance sheet to support growth.
- The reinstatement of shareholder dividends.
- The sale of non-core assets.
He said: “Our strategy has been to establish a disciplined low-cost operating model that delivers strong cash flows through the oil price cycle.
“Subject to regulatory approvals, the recently announced acquisition of Quadrant Energy will further reduce our breakeven oil price and deliver operatorship of a high quality portfolio of low-cost, long-life conventional Western Australian natural gas assets.
“It would also give us a leading position in the highly prospective Bedout Basin, including the recent significant oil discovery at Dorado.
“We are now positioned for disciplined growth leveraging existing infrastructure in all five of our assets in the portfolio and are targeting production of more than 100 million boe by 2025.”
The disciplined growth portfolio includes the following:
- Barossa backfill to Darwin LNG – targeting FID by the end of next year.
- PNG LNG expansion and proposed farm-in to P’nyang.
- Cooper Basin, GLNG and Eastern Queensland growth.
- Quadrant acquisition, including Dorado oil.
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