The Adelaide-based company said it sold a record 15.3 million barrels of oil equivalent to generate $400 million for the three months to 30 September. It was also the first time quarterly production exceeded 15 million barrels.
"The record production performance in the third quarter was a good result. It demonstrates continuing progress on our business improvement initiatives. Santos remains on track to produce a solid performance in 2002," said Santos managing director, John Ellice-Flint.
Ongoing production optimisation and improved field management saw increased gas production from the Cooper Basin compared to the corresponding period last year. Gas sales in the United States increased by 125% while production from the Amadeus Basin was slightly lower due to seasonal demand in the Darwin market. Onshore Otway Basin production rose by 78% to 1.4 petajoules.
Production from the Scotia coalbed methane field in Eastern Queensland is expected to increase in the fourth quarter as CS Energy's Swanbank Power Station is fully commissioned.
Condensate production decreased by 3.5% to 851,000 barrels due to production from lower yielding fields and well availability during testing operations. LPG production increased by 2.5% to 68,400 tonnes compared to the corresponding period last year.
Oil production in the third quarter increased by 4.5% compared with the second quarter of 2002 due to increased production from the Cooper Basin
Santos said it spent around $32 million on wildcat exploration while delineation and development cost it around $156 million in the third quarter.
