Santos has released its annual reserves statement, revealing proved plus probable (2P) reserves of 1484million barrels of oil equivalent (mmboe) at the end of 2025. This represents an increase of 13 mmboe before production compared with 2024, driven primarily by additions in the Cooper Basin and PNG assets.
Key highlights:
•Santos’2P reserves life is 17 years
•95 per cent 1P reserves replacement
•Developed reserves represent 62 per cent of total 2P reserves
•2P reserves held in international assets comprise 40per cent of Santos’ total 2P reserves
•2P reserves mix comprises 83 per cent gas and 17 per cent liquids
•2C contingent resources decreased to 3212 mmboe at the end of 2025, following the previously announced divestment of Santos’ interests in the Petrel and Tern fields
•2P CO2 storage capacity of 8 million tonnes, after injection of 1 million tonnes since start up. 2C contingent storage resources increased 24 million tonnes to 202million tonnes 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 97 per cent of total 2P reserves,” CEO Kevin Gallagher said. “It’s also pleasing to add another 24 million tonnes of 2C CO2 storage, which is an important asset to underpin Santos’ decarbonisation strategy and commercial expansion of the successful Moomba CCS project to meet customer demand for CO2 storage in the future.”