Australian exploration and production company Santos produced 12.2 million barrels of oil equivalent in the first quarter of 2014, up 1% year on year, the company said Thursday.
Santos attributed the rise to increased oil output following the startup of the Fletcher Finucane field in Australia in May 2013, partly offset by lower Western Australian gas production.
Output fell 7% from the October-December quarter's 13.1 million boe. Crude oil output was 15% lower quarter on quarter at 2.5 million barrels, with higher production from Chim Sao in Vietnam offset by lower production from Fletcher Finucane and the Cooper Basin.
Gas production fell 4% year on year to 50.6 petajoules (8.7 million boe), with higher production from Darwin LNG and central Australia's Cooper Basin offset by lower production from the Carnarvon Basin due to lower customer nominations.
Santos expects to produce a total of between 52 million and 57 million boe for 2014.
Santos is an emerging LNG player, with a 13.5% stake in the Papua New Guinea project and 30% stake in Gladstone LNG.
"The PNG LNG project is progressing ahead of schedule, with first LNG cargo expected for the middle of this year," Managing Director and CEO David Knox said. "The project is currently over 95% complete with first production of condensate from the Hides fields commencing in late March."
Gladstone LNG is also making progress, Knox said.
"The project is now 80% complete, with all train one modules delivered to Curtis Island, all mainline pipeline in the ground, the marine crossing tunnel complete and the pipeline installed," he added.
During the first quarter, Santos' 67.5%-held Peluang gas project in Indonesia started ahead of schedule and on budget. The company's 31.875%-held Dua project off Vietnam remains on track for first oil in mid-2014, Knox said.