(Updates with details and background)
July 18 (Reuters) - Australian energy giant Santos' (STO) flagship Barossa gas project is now 77% complete, the company said on Thursday, after posting a sequential drop in second-quarter revenue on the back of lower realised oil prices and volumes.
Oil prices saw volatility in the reported quarter as gains in prices due to OPEC+ curbing supplies, offset a downtrend due to poor demand in China.
The company's update comes even as spot prices of liquefied natural gas (LNG) rebounded, as heatwaves across the northern hemisphere kept demand elevated for electricity used for cooling purposes.
Average realised price for the company's LNG product was $11.47 per million British thermal units (mmBtu), down from last quarter's $12.68 per mmBtu.
The energy giant, which is seen as a potential buyout target, said sales revenue for the quarter came in at $1.31 billion from $1.40 billion in the previous quarter.
This compares against a Visible Alpha consensus estimate of $1.39 billion, according to Citi.
News: STO UPDATE 1-Santos says Barossa project is progressing; posts Q2 revenue dip
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