Australia’s Santos STO.AX on Wednesday forecast lower production for 2024 as its Bayu-Undan gas field reached the end of its life and its West Australian offshore field’s output declined.

Santos expects to produce 84 to 90 million barrels of oil equivalent (mmboe) in 2024. It maintained its 2023 production forecast of 89-93 mmboe.

The company had said earlier this month that an Australian court granted an interim injunction preventing it from starting work on laying undersea pipelines on its $3.6 billion Barossa gas project off northern Australia.

The company said on Wednesday its Barossa project was 64% complete.

Santos also said it would revise its forecast for 2023 once the divestment of its 42.5% stake in PNG LNG project was complete.
Source: Reuters (Reporting by Poonam Behura; Editing by Devika Syamnath and Shilpi Majumdar)