Santos to Boost Exploration of LNG and Oil Potential
Thursday, January 26, 2006
Santos Ltd said it plans to boost its expenditure on exploration to $169.3 million in 2006, from $140.6 million last year, focusing on liquefied natural gas and oil potential in a 25-well high-impact exploration program, Forbes reported.
The program reflects the widening geographical nature of its exploration portfolio.17 of the 25 wildcat wells will be drilled outside of Australia, including eight wells in the company's core Indonesian area and two in its emerging Timor-Bonaparte region between Australia and East Timor. Seven wells will be drilled in new areas of interest including three in Egypt and four in the shallow waters of the Gulf of Mexico.
In Australia, two wells will be drilled in the Carnarvon basin offshore Western Australia, one well in Queensland's Bowen Basin, two in the Otway Basin off the coast of the state of Victoria and three wells in the onshore Cooper Basin in central Australia.