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.
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:
GLNG proved reserves up 22% and proved plus probable reserves up 4%.
|Reserves Category||Year End 2014||Year End 2013|
|2C contingent resources||1,721||1,869|