Australian energy firm Santos has recorded a “significant jump” in revenue following the start-up of its Papua New Guinea liquefied natural gas (LNG) project.
The company’s second quarter production figures were up by 5% on the previous quarter to 12.8million barrels of oil equivalent (boe).
Sales revenue in that period rocketed by 22% compared to same time last year to $974million.
The figures were driven by the PNG LNG project launched ahead of schedule in April, which shipped seven cargoes by the end of the quarter, the company claims.
This contributed to an 8% increase in gas sales compared to the corresponding quarter, despite the higher production from Darwin LNG offset by lower production from the Carnarvon Basin.
“Delivery of the PNG LNG project is an important milestone for Santos in our journey to becoming a major LNG supplier to Asia,” said David Knox, Santos’ managing director and chief executive.
“This project will significantly lift Santos’ LNG production once the project reaches full output, and we are already seeing the contribution it is making.”
The company has also achieved a number of construction milestones on its Gladstone LNG (GLNG) plant in Queensland, Australia, set for first production in 2015.
Simultaneously, Santos’ quarterly crude oil production was 16% lower than the previous quarter at 2.1million barrels, due to outages at Fletcher Finucane and Chim Sáo, partially offset by higher Cooper Basin production.
The average oil price for the quarter was $114.5 per barrel, 5% lower than the corresponding quarter.
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