Santos is citing progress at the Barossa and Pikka projects to convince investors that a step change in the company's production and free cash flow is on the way.

The oil and gas giant will double down on its emerging high-potential projects in Australia, but reduce investment across the rest of its domestic portfolio.

Santos is shifting investment toward major oil and LNG growth projects in Alaska, Papua New Guinea and key Australian basins.

Santos is citing progress at the Barossa and Pikka projects to convince investors that a step change in the company's production and free cash flow is on the way.