Sydney (Platts)--22Nov2012/102 am EST/602 GMT
Australian exploration and production company Santos expects to hike its production by close to 4% to around 55 million barrels of oil equivalent in 2013, on the back of growth in its base business and the startup of a new offshore oil field, senior executives told an investor briefing Thursday. Santos, Australia's third-largest oil and gas producer, pumped 47.2 million boe in 2011, but expects the level to rise to between 51 million boe and 55 million boe this year. For 2013, the company is now expecting to produce between 53 million boe and 57 million boe. The increase is expected to come from continued strong output in Santos' base business and the Chim Sao oil field in Vietnam reaching plateau production. Santos will also start producing at the Fletcher Finucane field offshore Western Australia in the second half of 2013, adding an expected 6,600 b/d to the company's output in the first 12 months of operation. Article continues below...Request a free trial of: Oilgram NewsOilgram News brings fast-breaking global petroleum and gas news to your desktop every day. Our extensive global network of correspondents report on supply and demand trends, corporate news, government actions, exploration, technology, and much more.
Australian exploration and production company Santos expects to hike its production by close to 4% to around 55 million barrels of oil equivalent in 2013, on the back of growth in its base business and the startup of a new offshore oil field, senior executives told an investor briefing Thursday. Santos, Australia's third-largest oil and gas producer, pumped 47.2 million boe in 2011, but expects the level to rise to between 51 million boe and 55 million boe this year. For 2013, the company is now expecting to produce between 53 million boe and 57 million boe. The increase is expected to come from continued strong output in Santos' base business and the Chim Sao oil field in Vietnam reaching plateau production. Santos will also start producing at the Fletcher Finucane field offshore Western Australia in the second half of 2013, adding an expected 6,600 b/d to the company's output in the first 12 months of operation.
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By 2020, Santos expects to be producing between 80 million boe and 90 million boe, CEO David Knox told the briefing. By then, production will have started at the company's 30%-held Gladstone LNG project and 13.5%-held Papua New Guinea LNG project, which are under construction, and could be underway at its 40%-held Bonaparte floating LNG facility. --Christine Forster, christine_forster@platts.com --Edited by Geetha Narayanasamy, geetha_narayanasamy@platts.com
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