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Santos has announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit of US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to the corresponding period due to stronger global energy demand combined with a higher interest in PNG LNG following the Oil Search merger.
The National Offshore Petroleum Safety and Environmental Management Authority has accepted Santos’ Offshore Project Proposal for the Dorado development offshore Western Australia.
Santos has released its Annual Reserves and Resource Statement. Proved plus probable (2P) reserves were a record 1,745 million barrels of oil equivalent (mmboe) at the end of 2022, an increase of 171 mmboe before production.
Santos welcomes the acceptance by NOPSEMA of the Offshore Project Proposal relating to the Dorado development. Dorado is a proposed phased liquids and gas development, with an initial phase of liquids development with gas re-injection and the potential for a second phase development to recover and pipe the gas to the Western Australian domestic and LNG markets.