Santos' 2023 revenue down 24%

Australian energy company Santos on January 25 reported a 24% year/year drop in revenue in 2023 attributed to lower LNG and oil prices.

The company reported a full-year revenue of $5.88bn, down from $7.79bn in 2022. Sales volume was 96.4mn barrels of oil equivalent (boe), down 14% year/year while production dropped 11% year/year to 91.7mn boe. Average realised LNG price was $12.71/mn Btu versus $15.51/mn Btu in 2022. 

Santos said it has restarted drilling activities at the Barossa gas project following the approval of the revised drilling and completions environment plan. The project is currently 66.4% complete.

The federal court recently discharged the injunction preventing pipelaying along part of the Barossa gas export pipeline. The company said that one-third of the pipeline has been successfully installed to date.

The Barossa gas project, operated by Santos, is a significant offshore gas and condensate initiative designed to provide a fresh source of gas to the existing 3.7mn tonnes/year Darwin LNG facility in the Northern Territory. The $3.6bn investment programme got underway with the project's final investment decision last March 2021, with the first gas due in 2025. 

The Moomba CCS project is 80% complete with the first injection on track for mid-2024. According to Santos, the project targets injection costs of about $24/tonne lifecycle breakeven.