Morningstar | Dorado Appraisal Drilling All But Ensures Santos' 100mmboe Production Target Will be Met.
We expect a bright future for Santos, forecasting production to increase by two thirds to more than 100 million barrels of oil equivalent, or mmboe, thanks to east-coast coal seam gas to liquid natural gas and Papua New Guinea, or PNG, LNG projects, and most recently via the Quadrant acquisition. Santos' plus 100 mmboe growth target includes greenfield developments and exploration. Santos boasts some of Australia's largest and highest-quality coal seam gas reserves. East-coast LNG attracts export pricing and indirectly drives domestic prices in the direction of export parity. The potential to direct east-coast volumes to higher-priced Asian markets has pressured prices upwards locally. Near-term debt concerns have abated, with capital injections and cost control having reduced net debt to USD 3.4 billion from mid-2015's USD 6.7 billion peak.Santos is a natural gas company engaged in the exploration for, and development, production, transportation and marketing of, hydrocarbons. Co.'s operating segments consist of five key assets/operating areas of: Cooper Basin; Gladstone LNG; Papua New Guinea; Northern Australia; and Western Australia gas; based on the nature and geographical location of the assets, plus Other non-core assets. Co.'s proved petroleum reserves were 485.0 million barrels of oil equivalent at Dec 31 2016.
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