The weaker near-term outlook came as Chief Executive Officer Kevin Gallagher outlined a new strategy, following nearly seven years at the helm during which he slashed costs and roughly doubled Santos' output through acquisitions. Asian buyers are looking to lock in gas supply for 10, 15 or 20 years, Vice President Jane Norman told analysts. The company's near-term production decline reflects the end of life at the Bayu Undan gas field off northwestern Australia and weaker gas production in Western Australia, but does not include its sell down of a 5% stake in PNG LNG, Santos said. Production in 2023 is expected to drop to between 91 mmboe and 98 mmboe, down from between 103 mmboe and 106 mmboe this year, the company said. Analysts' consensus for 2023 production was at 99 mmboe, according to Barrenjoey.

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