Santos has recorded a strong year of production following its merger with Papua New Guinea’s (PNG) Oil Search in December.
CEO and Managing Director Kevin Gallagher said that the company delivered record production for 2022, capped off with a strong fourth quarter.
“Our increased LNG position in PNG following the Oil Search merger has driven our record performance. The LNG business is expected to remain,” Gallagher said.
Despite the record year, the temporary shutdown of the John Brookes platform in Western Australia is expected to result in lower production. It has also slowed the company’s nearby Spartan development.
Santos predicts a range of 89–96 million barrels of oil equivalent (mmboe) for 2023, previously 91–98 mmboe.
Production at the platform is expected to recommence in late January or early February.
The company’s oil production in the fourth quarter of 2022 was boosted by the Ningaloo Vision – Santos’ offshore support vessel – and start-up of the first well from the Pyrenees infill in December.
The company’s Cooper Basin projects also increased in both oil and gas production. 16 gas wells and 15 oil wells were connected across the basin, while the Moomba gas project remains on track, with 40 per cent of work completed.
In Queensland, Santos’ Arcadia Valley phase 2 project hit a milestone with the arrival of all major equipment required for the gas compression facility.
The company is progressing land access agreements and environmental surveys int eh wake of the purchase of the Hunter Gas Pipeline, and the positive determine from the National Native Title Tribunal regarding the Narrabri gas project.
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