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Santos reveals plans to double production

Business

Santos plans to nearly double natural gas production to more than 100 million barrels of oil equivalent by 2025.

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Outlining the company’s growth strategy, chief executive Kevin Gallagher said today the $2.15 billion acquisition of privately held Quadrant Energy would help reduce the company’s breakeven oil price and gave it a leading position in the significant Dorado oil find.

In August, the Adelaide-headquartered company said it expected 2018 production of 55-58 million barrels of oil equivalent on growing output from its Cooper Basin assets, and maintained its sales volume guidance of 72-76 .

Australia’s number two gas company also posted a surge in half-year profit and revived its dividend.

The Quadrant takeover gives Santos a business that is the leading supplier of gas into the Western Australian market.

Santos shares rose 1.6 percent in early trade in a broader market up about 0.3 percent.

– AAP

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