Santos to Target Capital Expenditure Reduction of Around AU$300 Million from 2027 to 2030
MT Newswires Live
May 26
Santos (ASX:STO) is set to prioritize upstream investment in the Moomba Central fields area in South Australia and deprioritize the broader Cooper Basin, targeting cumulative capital expenditure reduction of around AU$300 million from 2027 to 2030, and AU$150 million savings annually thereafter, according to a Tuesday Australian bourse filing.
This came amidst the firm's strategic review of its Australian domestic oil and gas business.
It also said its machine learning bottom-hole pressure model, replacing physical downhole gauges, could lead to around AU$70 million in potential capital expenditure reduction.
Its shares rose 1% in recent trading on Tuesday.
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