Australia’s Santos boosts reserves

Australian LNG player Santos boosted its proved plus probable (2P) reserves in 2023.

Santos, which recently ended its merger talks with compatriot LNG player Woodside, said on Tuesday its 2P reserves were 1,661 million barrels of oil equivalent (mmboe) at the end of 2023.

Before production of 92 mmboe, 2P reserves increased by 8 mmboe inclusive of reserve adds in the Cooper Basin primarily across central fields (+8 mmboe), in the Queensland coal seam gas fields (+5 mmboe), and in the Papua New Guinea (+1 mmboe) fields, it said.

These additions were partially offset by a 7 mmboe reduction in reserves in Western Australia across the Pyrenees and Reindeer fields, Santos said.

Moreover, the annual 2P reserves replacement ratio was 9 percent, 2P organic RRR was 9 percent and the three-year RRR was 354 percent.

The 2P reserves held in international assets comprise 42 percent of Santos’ total 2P reserves.

Santos said the 2C contingent resources increased to 3,325 mmboe at the end of 2023 and additions were primarily from Northern Australia with a positive revision to the Tanumbirini field of 108 mmboe.

Also, the CO2 storage capacity remains unchanged at 9 million tonnes 2P capacity, while the 2C contingent storage resource has increased 40 million tonnes to 131 million tonnes in Cooper Basin.

“Today’s statement is the result of Santos’ disciplined annual reserves review and accounting processes, which include external audit of approximately 99 percent of total 2P reserves,” Santos managing director and CEO, Kevin Gallagher, said.

“It’s also pleasing adding another 40 million tonnes of 2C CO2 storage, further evidence of Santos building on its decarbonization strategy,” he said.

Most Popular

Energy Transfer seals Lake Charles LNG supply deals

Texas-based Energy Transfer has signed new supply deals for its planned Lake Charles LNG export facility in Louisiana as it works to take a final investment decision by the end of this year, according to its management.

Germany, Egypt seal FSRU charter deal

Germany's Ministry for Economic Affairs and Energy has signed a deal with Egypt's state-owned EGAS to charter the 174,000-cbm FSRU Energos Power.

Woodside terminates Commonwealth LNG SPA

Australian LNG player Woodside has terminated its two LNG sale and purchase agreements with US LNG terminal developer Commonwealth LNG.

More News Like This

Santos: PNG LNG shipped 28 cargoes in Q1

The ExxonMobil-operated PNG LNG project in Papua New Guinea shipped 28 cargoes of liquefied natural gas in the first quarter of 2025, up by one cargo compared to the same quarter last year and one cargo less compared to the prior quarter, according to shareholder Australia’s Santos.

Santos: Barossa project 95.2 percent complete

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is 95.2 percent complete and remains on target for first production in the third quarter of 2025, Santos said on Thursday.

Santos says Barossa project 91 percent complete

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is 91 percent complete and remains on target for first production in the third quarter of 2025, Santos said on Wednesday.

TotalEnergies CEO says partners working hard on Papua LNG

TotalEnergies has a 37.55 percent operating stake in the Papua LNG project, ExxonMobil has 37.04 percent, Santos owns a...