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Santos

Australasia

Santos to redirect gas to South Australian economy

Santos today announced it had signed an agreement with ENGIE in Australia for the supply of gas to the Pelican Point Power Station that will help support South Australia’s energy needs. The contract is for 15PJ, starting in January 2018. The contract will be fulfilled with a mix of GLNG gas and Santos portfolio gas.

Markets

Santos sees writedowns as sales slump 24% amid oil collapse

Santos Ltd. reported a 24 percent drop in fourth-quarter sales and flagged asset writedowns after a further decline in oil prices since its November announcement of $2.5 billion program to cut debt. Quarterly sales fell to A$828 million from A$1.09 billion a year earlier, the Adelaide-based company said Friday. That beat estimates from UBS Group AG and Macquarie Group Ltd. Output dropped 1 percent to 14.9 million barrels of oil equivalent, and spending decreased 43 percent to A$477 million.

Oil & Gas

Santos strikes gas deal with AGL Energy

Santos has struck a deal with AGL Energy for the purchase of 254 petajoules of gas for supply to its GLNG project. The company said the gas will be deliverd at Wallumbilla over a period of 11 years commencing in January 2017, with pricing based on an oil-linked formula. The gas will be sourced from coal seam gas fields in Queensland.

Oil & Gas

Santos ship first cargo from Gladstone LNG project

Santos said the first cargo from the Gladstone liquefied natural gas project left today as Australia looks to overtake Qatar as the world’s top LNG exporter. The launch was good news for Santos which has been racing to sell assets in a bid to reduce its $8.8billion of debt.

Markets

Santos first-half profit declines 82% amid oil price collapse

Santos Ltd., Australia’s third-largest oil and gas producer, posted an 82 percent slump in first-half profit after a fall in oil prices. Net income fell to A$37 million ($27 million) in the six months ending in June, from A$206 million a year earlier, the Adelaide-based company said Friday in a statement. That compared with an estimate of A$41 million from Macquarie Group Ltd.