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
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
