finance
Santos Plans Expanded Oil and LNG Output in Australia, Alaska, Papua New Guinea
Santos said it will focus investment on crude oil and natural gas production in three regions. The company recently began output at its Pikka field in Alaska and approved a gas project expansion in Papua New Guinea.
May 26, 4:30 AM·1m read1 source
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Australia’s Santos said it will prioritize growth in crude oil and natural gas output both domestically and overseas. The company identified Alaska and Papua New Guinea as two of the three regions targeted for major investment. ” He added that a recent strategic review of the Australian domestic oil and gas business occurred amid market volatility and policy changes.
Santos began oil production at the Pikka field in Alaska. Output is expected to reach 20,000 barrels per day gross within weeks and a planned plateau of 80,000 barrels per day gross in the third quarter. Santos holds a 51 percent stake in the Pikka Unit; Repsol holds the remaining 49 percent.
Earlier this month the company approved a natural gas project expansion in Papua New Guinea and will invest about $160 million net in that development.
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