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Santos H1 2026 Production Rises 3%, H2 Target Ranges 20% to 30%

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Australian oil and gas company, Santos, reported output rise Wednesday of 3% year over year in H1 to 45.6 million barrels of oil equivalent, with its full-year production guidance reaffirmed at 99 million to 105 million boe and sales-volume guidance of 102 million to 108 million boe.

H2 production is expected to be about 20% to 30% higher sequentially.

The Pikka Oil Project, in Alaska, achieved first oil in May and was producing about 23,000 barrels per day gross at the end of June. Santos is targeting a plateau rate of about 80,000 bpd by late in the third quarter, which it expects to maintain for five to six years.

Meanwhile, at the Barossa LNG Project, seven LNG cargoes were loaded during the first half, with 12 loaded year-to-date. Production is currently around 550 million standard cubic feet per day and is expected to reach about 600 million standard cubic feet per day by the end of the quarter.

Across its Australia and Papua New Guinea LNG portfolio, upstream production climbed 12% to 30.2 million boe, while gross LNG production rose to 7.7 million tonnes. Altogether, the portfolio shipped 111 cargoes during this period.

Santos also highlighted that its Moomba carbon capture and storage project has permanently stored about 2.3 million tonnes of carbon dioxide equivalent since start-up.

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$KMI