Santos Poised to Supply Australian, Asian Gas Markets

Santos announced that proved and probable (2P) hydrocarbon reserves increased to 1,406 million barrels of oil equivalent (mmboe) at the end of 2012. It said that growing reserve position, combined with existing infrastructure, leaves the company strategically well placed to supply the growing demand for natural gas in Australia and Asia.

Reserve additions in 2012 were driven by strong growth in Cooper Basin gas reserves and include Australia’s first shale gas reserves booking from the successful Moomba-191 well.  Reserves growth was also recorded in Cooper Basin oil, Queensland CSG, the Carnarvon Basin and Vietnam.

After deducting 2012 production of 52 mmboe, Santos’ year-end 2P reserves were 1,406 mmboe, 42 mmboe higher than 2011.  On a proved (1P) basis, year-end reserves were 663 mmboe, 14 mmboe higher than 2011. 

Santos’ LNG projects are poised to deliver significant shareholder value and remain on schedule with PNG LNG on track for first LNG in 2014 and GLNG in 2015.  Capital cost estimates for both projects are unchanged, the company said.