KeyfactsEnergy

Santos

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Santos Ltd
Level 22 Santos Place
32 Turbot Street
Brisbane
Queensland 4000
Australia

Tel: 61 7 3838 3000

Description

Santos is an Australian energy pioneerr who have discovered, developed and delivered natural gas to the people of Australia and Asia for more than 60 years.

Five core long-life natural gas assets sit at the heart of a clear and consistent strategy to Transform, Build and Grow the business: Western Australia, the Cooper Basin, Queensland and NSW, Northern Australia and Timor-Leste, and Papua New Guinea. Each core asset provides stable production, long-term revenue streams and significant upside opportunities.

With origins in the Cooper Basin, Santos has one of the largest exploration and production acreages in Australia and extensive infrastructure. Their strategy is centred on five core, long-life natural gas and LNG assets. These assets support the company's aim to be a leading Australian domestic gas supplier and a major LNG exporter supplying clean energy to Asia.

Reserves and production

Proved plus probable (2P) reserves increased by 20% to 1,022 million barrels of oil equivalent (mmboe) at the end of 2018, the highest level in four years. The 2P reserves replacement ratio was 395%.

2021 first quarter production of 24.8 mmboe was 39 per cent above the corresponding quarter in 2020 primarily due to the ConocoPhillips acquisition which completed in May 2020.

History

Founded in 1954, Santos has been active in the energy business for more than 50 years. Its name was an acronym for South Australia Northern Territory Oil Search.

Santos made its first significant discovery of natural gas in the Cooper Basin with the Gidgealpa 2 well in 1963. The Moomba 1 discovery in 1966 confirmed this region as a major petroleum province.

As a result of these discoveries, Santos had a commercially viable quantity of gas and entered into Gas Sales Agreements with the South Australian Gas Company, the Electricity Trust of South Australia and the Australian Gas Light Company. Gas supplies commenced in 1969.

The 1980s saw Santos develop a major liquids business following the discovery of oil at Tirrawarra in the early 1970s. A liquids recovery plant was built at Moomba, along with a fractionation and load-out facility at Port Bonython.

By the 1990s Santos had become a major Australian operating enterprise with interests in United States and United Kingdom petroleum provinces and in emerging areas such as the Timor Sea and Carnarvon Basin in Western Australia.

A number of acquisitions in the 1990s provided Santos with additional opportunities onshore and offshore Australia, Indonesia and Papua New Guinea.

Operations are now focused on the Cooper Basin, Queensland & NSW, Papua New Guinea, Northern Australia and Western Australia.

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