October 1, 2022

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Santos (STO) rises to publish half-year revenue on greater oil and fuel costs

Wholesale fuel costs are additionally rising on Australia’s east coast amid dwindling obtainable provides for the home market. In its newest report, Australia’s Competitors and Client Fee (ACCC) mentioned shortages of 56 petajoules are actually anticipated in 2023, equal to about 10 p.c of home demand. The deficit is the most important because the ACCC started its survey of the East Coast fuel market in 2017, stepping up its warnings of rising prices for gas-fired houses and gas-dependent producers already struggling to stay worthwhile.

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Following the ACCC’s suggestion, the Albanian authorities has taken first steps to introduce unprecedented export controls that will power Santos and different LNG producers to withhold some fuel for home patrons solely, except they will assure that they’ll get extra provides to the desire make obtainable.

Additionally on Wednesday, Santos introduced it has obtained the monetary go-ahead for the primary part of its $2.6 billion ($3.7 billion) Alaskan oil undertaking.

The Pikka undertaking is predicted to supply 80,000 barrels of oil per day and is predicted to start out manufacturing in 2026.

https://www.smh.com.au/enterprise/firms/santos-surges-to-record-half-year-profit-on-higher-oil-and-gas-prices-20220816-p5bafc.html?ref=rss&utm_medium=rss&utm_source=rss_business Santos (STO) rises to publish half-year revenue on greater oil and fuel costs

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