-- Australia-based energy firm Santos reported its Q1 update Thursday, showing production rose by 3% to 22.5 million barrels of oil equivalent, up from 21.9 mmboe a year earlier.
Production of gas for LNG plants was at 65.8 petajoules, slightly down from 66.1 PJ a year earlier. Domestic gas sales rose to 51.8 PJ in Q1, from 45.6 PJ a year earlier.
Crude oil production declined, with output dropping to 1.04 million barrels, compared with 1.54 mmbbls for the corresponding period a year ago.
Condensate production broadly held steady at about 1.05 million barrels in Q1, from 1.06 million, while LPG output edged higher to 24,500 metric tons in Q1 from 24,000 mt in the corresponding quarter a year earlier.
The oil and gas exploration and production firm attributed the increase in overall production to the Barossa Gas Project start-up, which delivered its first cargoes during the quarter.
This was partially offset by lower production in Western Australia due to Cyclone Narelle impacts, and in the Cooper Basin due to localized wet weather, according to the statement.
"Our portfolio of high-quality LNG assets, located close to Asian markets, is well positioned to meet strong and growing LNG demand across this region," said Kevin Gallagher, Santos managing director and CEO.
Santos projected that 2026 production and sales volumes would be in the range of 101 mmboe to 111 mmboe.