42% increase in 2P reserves to 1.44 billion barrels
60% increase in CSG 2P reserves to 3,748 PJ Santos share
Santos today announced a 42% or 427 mmboe increase in its year-end 2P reserves, taking the company’s total 2P reserves to a record 1.44 billion barrels of oil equivalent.
This significant reserves increase is a result of the consistent delivery of Santos’ transformational LNG growth strategy. 2P reserves dedicated to Santos’ portfolio of LNG projects are now more than 700 mmboe or almost 50% of total 2P reserves.
The overall reserves increase was net of 2009 production of 54.4 mmboe. It represents a 2P reserves replacement ratio for 2009 of 885% and is the company’s sixth successive annual increase in its reserves position.
- Proved and probable (2P) reserves increased by 427 mmboe to 1.44 billion barrels of oil equivalent (boe).
- 2P reserves replacement cost of A$3.74 per barrel.
- CSG 2P reserves increased by 60% to 3,748 petajoules (PJ) Santos share.
- At year end, GLNG® project 2P reserves were 4,003 PJ. The reserves build for GLNG® was ahead of target and exceeded the reserves requirement for the first train. GLNG® project 2P reserves have grown three-fold since 2007.
- First bookings of CSG reserves and resources in the Gunnedah Basin: 724 PJ of 2P reserves and 951 PJ of contingent resources.