Santos’ first quarter report has highlighted the company’s commitment to growth, sustainability and community engagement, particularly in Papua New Guinea.
The company continued to prioritise safety and operational efficiency at its PNG operations throughout the March quarter, emphasising the importance of local employment and skill development.
At the PNG LNG (liquified natural gas) project – which Santos owns a 13.5 per cent interest in – continued high reliability of 99.8 per cent from the operated gas facilities resulted in full plant capacity in the quarter, supporting by strong production from Angore in Hela Province.
Santos managing director and chief executive officer Kevin Gallagher said that Santos delivered another solid quarter of production and cash flow generation from its portfolio.
“The business remains strong and resilient, maintaining free cash flow from operations breakeven oil price less than US$35 per barrel in 2025,” he said.
“Despite volatile capital markets and commodity prices, Santos stayed focused on operational and project execution excellence, and the company continued to perform well. Our LNG contract portfolio provides flexibility and positions Santos to capitalise on emerging market opportunities amid ongoing volatility.”
Gallagher said that while the current market environment is posing its challenges, Santos is focused on a 2025 marked by safety, efficiency and productivity gains.
“Our portfolio is resilient in a volatile environment and we have an advantaged geographical position into regions with growing demand and highly sought after products,” he said.
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