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Strong quarter for Santos

Strong Quarter Santos

Santos recorded strong revenue and production numbers for the third quarter of 2023, the company noted in its latest quarterly report.

The company recorded sales revenue of US$1.4 billion, while production totalled to 23.3 millions of barrels of oil equivalent (mmboe).

This was due to increased crude oil production in Papua New Guinea (PNG), according to Santos.

In terms of cash flow from operations, the company recorded US$470 million in the third quarter, bringing the total year to date number to US$1.6 billion.

For its Moomba carbon capture and storage project (CCS) in South Australia, the company said it is now at 75 per cent completion with first injection on track for mid 2024.

The project will generate Australian Carbon Credit Units for CO2 injected and stored in the Cooper Basin, with direct air capture field trials set to begin later this year.

Santos managing director and chief executive officer Kevin Gallagher said the company’s underlying business performance contributed to the strong numbers.

“Free cash flow of US$1.6 billion year-to-date positions the company well to deliver shareholder returns, backfill and sustain our existing business, while also investing in our major projects and progressing our decarbonisation plans,” he said.

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