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.

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