cents at the corresponding stage of 2021. Directors of the company declared an interim dividend of 7.6 U.S.

Santos said its net profit totaled US$1.17 billion in the six months through June, up from US$354 million a year ago.

Gallagher said Pikka would be a net-zero emissions project, which would use existing infrastructure, including the Kuparuk transportation pipeline and the Trans-Alaska pipeline system.ĭetails of the final investment decision on Pikka were provided by Santos alongside a more than tripling in half-year profit as the surge in global energy prices coincided with a major boost to output from assets acquired through its takeover of Oil Search. Some analysts had suggested Santos could look to sell the project given its location in an environmentally sensitive region. Santos acquired the Pikka project through its takeover of Oil Search, which had previously run a process to bring in new investors to advance the project. energy security, that has been highlighted since the Russian invasion of Ukraine,' Mr. 'Low-carbon oil projects like Pikka Phase 1 respond to new demand for OECD supply and are critical for global and U.S.

Still, many developing countries as well as China and India continue to purchase oil from Russia. Gallagher said, citing data from the International Energy Agency.Īfter weeks of infighting, the European Union in early June approved a ban on insuring shipments of Russian oil alongside a ban on imports of Russian oil that is set to go into effect this later year. Russia currently produces 18% of the world's natural gas and 12% of global oil supply, Mr. 'Global oil and gas markets are seeing increased volatility and countries are looking to diversify their supply sources away from Russia,' said Chief Executive Kevin Gallagher.

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