Santos thas released its Annual Reserves Statement reporting proved plus probable (2P) reserves of 1,484 million 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 40 per cent of Santos’ total 2P reserves
- 2P reserves mix comprises 83 per cent gas and 17 per cent liquids
- 2C contingent resources decreased to 3,212 mmboe at the end of 2025, following the previouslyannounced 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. 2Ccontingent storage resources
- increased 24 million tonnes to 202 million tonnes in the Cooper Basin
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company was pleased to release its Annual Reserves Statement, highlighting strong organic 1P reserves replacement and another large increase in its CO2 contingent storage resources 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. 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,' Mr Gallagher said.
Click here for for full announcement 2025 Annual Reserves Statement and 2025 full year results additional guidance
Source: Santos
