Santos has released its 2015 reserves report.
- Proved (1P) reserves at year end were 485 mmboe, 22% lower than 2014.
- Proved plus probable (2P) reserves were 945 mmboe, 24% lower than 2014.
- The impact of the lower oil price environment combined with asset divestments and 2015 production of 58 mmboe were the key factors in the reduction in booked reserves in 2015.
- Gunnedah Basin reserves reclassified to contingent resources.
- Developed 2P reserves represent 51% of total 2P reserves, up from 43% in 2014.
- 2P Reserves life of 16 years, based on 2015 production of 58 mmboe.