Santos posts lower gas output
Monday, April 8 2013 - 09:42 AM WIB
ASX-listed oil and gas company Santos Limited reported its net gas production in Indonesia last year stood at 28.1 petajoules (PJ), equivalent to 26,498 mmscf, which was 17 percent lower than 2011.
Santos said on its 2012 annual report the decline was primarily due to a lower net entitlement to Maleo gas following the favorable gas price review at the end of 2011 which was in part offset by the commencement of production from Wortel asset in January 2012.
The wortel gas project, located offshore East Java, was delivered in January 2012 on budget, adding third producing asset to Santos? Indonesia portfolio. Combined gross production from Oyong ans Wortel has been 90 TJ/day, in line with expectations. 1 PJ equals to 1,000 TJ.
Santos is seeking to sanction the Peluang project in early 2013, with an expected gross peak production of 25 TJ/day. Peluang will be developed as a tie-back to the existing Maleo asset, with start-up expected in the first half of 2014.
Santos holds a 40.5 percent interest in the Sampang PSC, which contains the Jeruk and Oyong fields and the Wortel gas discovery (for which development planning is currently in progress) and a 67.5 percent interest in the Madura Offshore PSC which contains the Maleo field.
Editing by Dadan Wijaksana