Australia’s Santos growth to come from 2023 onward

MELBOURNE, Nov 9 (Reuters) Australia Santos Ltd expects to hold its gas output roughly steady over the next several years, with growth to kick off in Canada Goose Outlet 2023 from projects in northern Australia and Papua New Guinea.

Chief Executive Kevin Gallagher sought to reassure Santos investors on Thursday that the company has halted a decline in its natural gas output from its ageing cheap canada goose uk Cooper Basin field canada goose uk shop and is on track to cut uk canada goose net canada goose coats debt to $2 billion by the end of 2019.

acknowledge that there still more to go, but canada goose uk outlet significant progress Canada Goose sale has canada goose been made on the journey so far, he told investors at a briefing.

now got a core portfolio that has no decline between now and beyond 2025, he said, referring to the company five main holdings Gladstone liquefied natural gas (LNG), Narrabri, cheap Canada Goose and assets in the Cooper Basin, northern uk canada goose outlet Australia and Papua New Guinea.

Santos expects production in 2018 to be roughly in line with this year at between canada goose clearance sale 55 million and 60 million barrels of oil equivalent (mmboe).

However investors sent Santos shares down 3 percent, after the company forecast its sales which include canada goose store some third party gas would drop by about 7 percent to between 72 and 78 mmboe in 2018, partly due to declining output from non core fields in Indonesia and Vietnam.

At the same time Canada Goose Parka it plans to increase capital spending by about 17 Canada Goose online percent to between $825 million and $875 million.

But Gallagher was upbeat as Australia no.2 independent gas producer has slashed production costs by a third Canada Goose Online to the point where it breaks even at an oil price of $32 a barrel, well below current prices around $60.

If oil prices canada goose coats on sale remain canada goose uk black friday at these levels through 2018, Santos could be in a position to canada goose sale uk revive its dividend, scrapped canadian goose jacket in 2016, Canada Goose Jackets or return cash to shareholders some other canada goose black friday sale way by the end of next year, he said.

be buy canada goose jacket cheap a great problem to have buy canada goose jacket in 2018 to be talking about that again, Gallagher said, adding that the company canada goose factory sale will also be able to fund growth projects that it expects to sign off on in late 2019 or 2020.

There Canada Goose Coats On Sale would be big step out acquisitions, but Santos would look at deals around its five core assets.

That canada goose clearance could include increasing its stake in Darwin LNG to match Santos 25 percent interest in the Barossa Caldita gas field, which is likely to feed the LNG plant from 2023.

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