Santos:
first quarter impacted by Moomba incident
Posted: 28 April 2004
Santos Limited reported lower production, sales volumes and revenue
for the opening quarter of 2004, principally attributable to the
1 January 2004 incident at Moomba.
Total production for the three months ended 31 March 2004 was 9.7
million barrels of oil equivalent (mmboe) compared with 13.0 mmboe
in the previous corresponding period.
Sales volume was down from 13.6 mmboe to 10.0 mmboe while total
sales revenue dropped to $256.4 million from the record quarterly
revenue of $362.5 million in the first quarter of 2003.
The latest March quarter reflects a 2.9 mmboe negative impact of
the 1 January 2004 incident at the Moomba plant in South Australia.
“These reduced March quarter results are in line with the
Company’s previous guidance to the market and, as expected,
are due primarily to the impact of the Moomba plant incident,”
Santos’ Managing Director Mr. John Ellice-Flint, said.
“As has been well documented, our full-year production will
be down in the current calendar year, including the effects of the
Moomba setback.
“Despite the depressed quarterly figures, we remain confident
of building annual production to record levels over the next few
years,” he said.
Since the end of the latest March quarter, full gas processing
capacity has been achieved from the Moomba plant. Further repair
work remains on schedule to fully restore natural gas liquids production
for the second half of July. Mr Ellice-Flint said the Company continued
to focus on developing its strong line-up of growth projects.
For more information see www.santos.com
Posted by Richard Price,
Editor Pipeline Magazine
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