Santos - 2007 Fourth Quarter Activities Report



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Production in-line with 2007 guidance and within 3% of record 2006 levels

Positively impacted by the start-up of Oyong oil production, negatively impacted by planned maintenance shutdowns at the Bayu-Undan and Moomba processing facilities and lower oil production from the Mutineer-Exeter fields.
Higher realised gas prices

The 2007 average portfolio gas price of $3.95 was 6% higher than 2006.
Higher realised oil prices, although adversely impacted by stronger A$

The Q4 2007 realised oil price of A$110.76 was a record, and 25% above the previous corresponding period in 2006.  
The full year 2007 oil price of A$92.10 was 3% above 2006 levels.  In US$ terms, the oil price increased by 19%.
Key activities during the December quarter

Kipper gas development project (Gippsland Basin) sanctioned, with first gas expected in H1 2011.
Henry gas development project (Otway Basin) sanctioned, with first gas expected in H1 2009.
Phase 2 of the Oyong field development (Indonesia) sanctioned, with first gas expected in H1 2009.
Reindeer gas field development (Carnarvon Basin) FEED completed, with project sanction anticipated during H1 2008.
New country entry into Bangladesh, with a subsequent gas discovery at the Magnama prospect.
Legislation removing the 15% shareholder cap was passed.  Cap removal will be effective from 29 November 2008.
Comment

Santos’ Managing Director, John Ellice-Flint highlighted the progress which continues to be made in transitioning Santos’ portfolio for longer term growth and value creation.

“2007 was a year of significant achievement for Santos, with the removal of the 15% shareholder cap, the announcement of the Gladstone LNG project, positive progress on the PNG LNG project, and first oil from the Oyong development.”

“At the same, we have sanctioned our next wave of developments, including the Kipper Gas project in the Gippsland Basin, the Henry Gas project in the Otway basin and phase 2 of the Oyong field development in Indonesia.”

“It was pleasing to see increased production from the Cooper Oil Project during the fourth quarter, with the resolution of a number of the system issues which were impacting on our ability to transport oil from the fields.”

“Looking forward to 2008, our priority is to continue to invest in major growth initiatives.  Santos is well positioned with large contingent resources and is well placed to leverage the growing regional demand for cleaner fuels.  The year ahead will be defined by progress across our LNG portfolio, in particular the Gladstone LNG and PNG LNG projects.”



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