Santos Q2 production up 9%

Quarterly revenue rose to A$691.5 million ($523.9 million), up 25 per cent in 2005 on increased production and consistently high global oil prices.

Australian oil and gas producer Santos Ltd said on Thursday that its second-quarter production rose by nine per cent as new projects ramped up to normal output.

HT Image

Adelaide-based Santos reported quarterly production of 14.9 million barrels of oil equivalent (boe), up on the corresponding period in 2005, and up eight per cent on the first quarter, which suffered as six cyclones hit Australia's north-western coast.

The company said that it still expected 2006 production to reach 60-61 million boe, ahead of 56 million boe in 2005, but it said that fresh delays meant first oil from its Oyong project would slip to the second quarter of 2007, and first gas to the second half of 2008.

Quarterly revenue rose to A$691.5 million ($523.9 million), up 25 per cent in 2005 on increased production and consistently high global oil prices.

Revenue rose 11 per cent on the first quarter.