Santos' production fell, but LNG projects are on schedule
Start-up of the Australian company's flagship LNG projects may give it the boost it is looking for
Investors dumped Santos shares on 21 February after the Australian company revealed production fell, costs rose and profits were flat in 2013. Santos, unsurprisingly, preferred to dwell on better news that its plans for two major liquefied natural gas (LNG) projects are on schedule and close to budget. The 2013 results were certainly a mixed bag. Santos' production fell 2% in 2013 to 51 million barrels of oil equivalent (boe). But it saw a 12% rise in revenue to A$3.602bn ($3.2bn) as a result of higher oil and gas prices; the average realised price per barrel of oil was A$121, up from A$113 in 2012. These contributed to a 6% year-on-year increase in operating profit to A$886m, while net p
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
