At the end of 2014, Santos announced that proved plus probable (2P) petroleum reserves were 1,245 million barrels of oil equivalent (mmboe), 9% lower than 2013. 

This represents an organic five-year 2P reserves replacement ratio of 97% and provides a reserves life of 23 years based on 2014 production of 54 mmboe.

2014 Reserves Statement

The 2014 reported reduction was primarily due to a 62 mmboe reduction in Gunnedah Basin 2P reserves following a re-assessment during the year. Excluding the Gunnedah Basin re-assessment, 2P reserves were 6 mmboe or 0.5% lower before 2014 production.

The key movements in proved plus probable reserves before production were:

  • 18 mmboe addition from growth in GLNG reserves.
  • 18 mmboe net reduction in the Cooper Basin, mainly due to a review of production performance and reservoir studies.
  • 10 mmboe reduction in John Brookes due to a re-assessment of fuel usage and heating value.

GLNG proved reserves up 22% and proved plus probable reserves up 4%.  

Reserves - Santos Share (million boe)

Reserves CategoryYear End 2014Year End 2013
1P reserves     622 620
2P reserves 1,245 1,368
2C contingent resources 1,721 1,869


Download the reserves statement here.