Santos’ fourth quarter (Q4) performance can only be described as strong, with the major bringing in over $US1.4 billion in sales revenue.
There were a number of highlights from Q4, perhaps most notably the inking of a new liquified natural gas (LNG) deal with TotalEnergies Gas & Power Asia in October 2024.
The agreement includes the supply of 20 LNG cargoes per annum over three years, supplied from Santos’ global portfolio of LNG assets.
Closer to home, Q4 also saw the sale of 2.6 per cent interest in the PNG LNG Project to Kumul Petroleum Holdings, with the final payment of $US241 million received.
“While our focus remains on delivering Barossa and Pikka, which will set us up with strong, stable long-term production, Santos has a suite of high-quality development options for the future, including Dorado and the Bedout Basin, Narrabri, the Beetaloo Basin, PNG and Alaska’s North Slope,” Santos managing director and chief executive officer Kevin Gallagher said.
“Demand for LNG from our portfolio of world class LNG assets located close to Asian markets remains robust, which strategically positions Santos to supply lower cost, lower carbon LNG to the Asia Pacific region out to at least 2040.”
In November 2024, Santos completed the Angore gas development in Hela Province, another milestone project for the company.
The development is set to deliver up to 350 million standard cubic feet of gas per day to the PNG LNG Project.
“The startup of Angore is one of a number of PNG highlights in 2024 for Santos and our joint venture partners – ExxonMobil, Kumul Petroleum Holdings, Mineral Resources Development Company and JX Nippon,” Gallagher said.
“This is a great position for Santos and PNG LNG to be in – we are spoilt for choice with no shortage of healthy upstream development options to keep our LNG infrastructure full.”
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