Santos 2010 production down 8%; two-thirds of that due to flooding

Santos reported a production of 134.5 kboepd, 8% lower primarily due to wet weather and flood events in Central Australia which reduced Cooper Basin production by 7.95 kboepd, partially offset by stronger gas production in Western Australia and Indonesia. Higher commodity prices were evident across the company’s portfolio in 2010 and drove sales revenue to $2.2 billion, up 2% than 2009.

Results highlights

- Production 49.9mmboe, down 8%

- 2P reserves increased to 1,445 million barrels

- Sales 59.2 mmboe, down 1%.  Average oil and gas prices up 11% and 5% respectively

- Plans to achieve production exposed to oil price from 27% in 2010 to 70% in 2015