Santos’ production and sales grew nine per cent in the September quarter, thanks to its stake in the PNG LNG project.
Oil and gas producer Santos has lifted production nine per cent to its highest level in seven years, thanks to the ramp-up of the massive PNG LNG project.
Santos produced 14 million barrels of oil equivalent (mmboe) during the three months to September 30, up from 12.8 mmboe in the June quarter.
Its sales revenue was also up nine per cent to $1.06 billion for the quarter, from $974 million in the June quarter.
Sales revenue over the first nine months of 2014 was up 16 per cent on 2013, the company said on Friday.
It attributed the increase in production to the PNG LNG project, which shipped its first cargo in May.
Santos owns 13.5 per cent of PNG LNG, while US-based oil and gas giant operator Exxon Mobil owns 33 per cent and Oil Search owns 29 per cent.
The oil and gas producer reaffirmed its full year target for production of between 52 mmboe and 57 mmboe.
It also said work on its Gladstone LNG project in Queensland was 90 per cent complete, with production due to start in 2015.
Santos shares gained eight cents, or 0.6 per cent, to $12.72.