Oct 19 (LNGJ) - Australian liquefied natural gas plant operator Santos reported solid third-quarter revenues of US$1.43 billion as the depleted Bayu-Undan gas field for the Darwin LNG plant was run down and regulators continued to block the Barossa in-fill project, which was 68 percent complete. “Drilling activities remain suspended pending assessment and acceptance of the associated environment plan by the regulator,” said Santos. The revenues were higher than the second quarter of 2023 when they amounted to US$1.33Bln, though were lower than the commodity price-boosted US$2.15Bln in the prior-year quarter.
Kevin Gallagher, Chief Executive of Santos which also has LNG assets in Queensland and Papua New Guinea, said the underlying business performance, combined with a “focus on operational excellence” delivered yet another strong quarter. “Free cash flow of US$1.6Bln year-to-date positions the company well to deliver shareholder returns, backfill and sustain our existing business, while also investing in our major projects and progressing our decarbonisation plans,” Gallagher stated.
