“The market is looking through the revenue miss towards guidance that the start-ups of Barossa and Pikka growth projects are around the corner after some delays,” Kavonic said.
Santos said the Barossa facility is expected to begin ramping up production within the next week, while the Pikka Phase 1 is slated to achieve first oil in the coming weeks, with initial sales revenue expected about two months later.
The company also said its portfolio of high-quality liquefied natural gas (LNG) assets and proximity to Asian markets meant it was well positioned to meet “strong and growing LNG demand across this region”.
During the quarter, it also worked with Viva Energy to bring forward part of a Cooper Basin crude parcel and sold a parcel of Varanus Island crude to Ampol, “supporting domestic refining capacity,” said MD and CEO Kevin Gallagher.
(Reporting by Shivangi Lahiri, Sameer Manekar and Nikita Maria Jino in Bengaluru; Editing by Pooja Desai and Subhranshu Sahu)