Production Guidance - Santos has lowered its production guidance for 2025 due to a software issue affecting the Barossa LNG project and floods in the Cooper Basin, narrowing its 2023 production guidance to between 89 million and 91 million barrels of oil equivalent (boe) from the previous 90-95 million boe [1][2]. Barossa LNG Project - The downgrade in production guidance is primarily due to a slower-than-expected start-up of the floating production, storage, and offloading vessel (FPSO) at the Barossa LNG project, compounded by the impact of floods that have left 155 wells offline [2][3]. - The FPSO at the Barossa project experienced an unplanned shutdown of approximately two weeks in September due to software issues affecting safety systems, which has delayed the ramp-up of the project [3]. Strategic Outlook - Despite the recent challenges, Santos remains optimistic about increasing cash flow and returns to shareholders through major upcoming projects, particularly the Barossa LNG project and the Pikka oil project in Alaska, which are expected to boost production by 30% by 2027 [4][5].