Santos released its Annual Reserves and Resource Statement. Proved plus probable (2P) reserves are 1,661 million barrels of oil equivalent (mmboe) at the end of 2023 an increase of 8 mmboe before production.

Key highlights:

  - 2P reserves increased by 8 mmboe before production of 92 mmboe.
  - 2P reserves replacement ratio (RRR) was 9 per cent, and the three-year RRR was 354 per cent.
  - 2P reserves held in international assets comprise 42 per cent of Santos’ total 2P reserves.
  - 2P reserves mix comprises 84% gas and 16% liquids.

2C contingent resources increased to 3,325 mmboe at the end of 2023 with a positive revision to the Tanumbirini field of 108 mmboe.
We continue to hold 2P CO2 storage capacity of 9 million tonnes and 2C contingent storage resource increased by 40 million tonnes to 131 million tonnes in Cooper Basin.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company was pleased to release its Annual Reserves Statement, highlighting strong overall reserves replacement and a large increase in its CO2 storage capacity 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 99 per cent of total 2P reserves. It’s also pleasing adding another 40 million tonnes of 2C CO2 storage, further evidence of Santos building on its decarbonisation strategy,” Mr Gallagher said.

About Santos

Santos is a leading supplier of natural gas, a fuel for the future providing clean energy to improve the lives of people in Australia and Asia.
Santos is already Australia’s biggest domestic gas supplier and aims to be a leading Asia-Pacific LNG supplier. For more than 65 years, Santos has been working in partnership with local communities, providing Australian jobs and business opportunities, safely and sustainably developing Australia’s natural gas resources, and powering Australian industries and households.
With its origins in the Cooper Basin, Santos has one of the largest exploration and production acreages in Australia and extensive infrastructure and is committed to supplying the domestic markets, unlocking resources and driving value and performance.