Santos today released its Annual Reserves Statement. Proved plus probable (2P) reserves are 1,559 million barrels of oil equivalent (mmboe) at the end of 2024, a decrease of 15 mmboe before production. While additions across a number of assets provided an organic reserves increase of 15 mmboe, there was a 30 mmboe reduction arising from the sale of a 2.6 per cent interest in PNG LNG to Kumul Petroleum Holdings Limited (Kumul).
Key highlights:
- The three-year 2P reserves replacement ratio (RRR) was 58 per cent
- 2P reserves increased by 15 mmboe before production of 87 mmboe and the PNG LNG sell-down
- 2P reserves held in international assets comprise 41 per cent of Santos’ total 2P reserves
- 2P reserves mix comprises 84 per cent gas and 16 per cent liquids
- 2C contingent resources increased to 3,338 mmboe at the end of 2024
- We continue to hold 2P CO2 storage capacity of 9 million tonnes and 2C contingent storage resources increased by 47 million tonnes to 178 million tonnes in the Cooper Basin
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company was pleased to release its Annual Reserves Statement, highlighting strong organic reserves replacement and a large increase in its CO2 contingent storage resources in the Cooper Basin.
“Today’s statement is the result of Santos’ disciplined annual reserves review and accounting processes, which include external audit of approximately 97 per cent of total 2P reserves. It’s also pleasing to add another 47 million tonnes of 2C CO2 storage, which is an important asset to underpin Santos’ decarbonisation strategy and commercial expansion of the successful Moomba CCS project to meet customer demand for CO2 storage in the future,” Mr Gallagher said.
