Santos
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Address
Level 29, Santos House
91 King William Street
Adelaide
South Australia 5000
Tel (08) 8218 5111
Fax (08) 8218 5274
Web http://www.santos.com.au
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Capex
The 2008 outlook is for higher capital investment totalling approximately $1,500 million, with the allocation reflecting a balance between near term production imperatives and the transformational growth projects which provide exposure to higher global pricing.
Near term projects to extend the Company's base business include Henry, Reindeer, Kipper, Cooper Oil and Phase 2 of the Oyong field development.
Transformational projects include Gladstone LNG, coal seam gas exploitation and PNG LNG.
In exploration, the Company's 2008 plan of $200 million is focussed on a stronger, balanced, moderate risk, material exploration program in Australia and Asia.
The Santos strategy of focusing on Gladstone LNG benefits from strong government support, industry leading reserves and a proven track record of Coal Seam Gas production.
The increases in the Company’s investment program necessary to execute the strategy will be funded from cash flow and portfolio rationalisation. Importantly, Santos have received strong preliminary interest from potential partners in relation to Gladstone LNG, and are evaluating the merits of introducing a suitable joint venture partner.
Future Plans
Santos’ 2008 guidance is for production of between 56 and 58 mmboe.
Beyond that, the Company anticipates a return to growth in 2009, followed by further increases in production in 2010 and beyond as CSG production ramps-up, and new projects such as Henry, Kipper, Chim-Sao (formerly named Blackbird) and Reindeer come on-line.
Looking forward to 2013/14, Santos anticipates a step change in production as the Gladstone LNG, PNG LNG and potentially Darwin LNG expansion projects come on-line. Revenue and margin growth will accelerate ahead of production growth as the Company’s strategy to expose its large scale resource base to global pricing is realised.Production
Annual production was 59.1 mmboe in 2007 (161,917 boepd)
Santos reported its highest ever annual production of 61.0 million barrels of oil equivalent (mmboe) in 2006.
Reserves
On a proven (1P) basis, year-end reserves increased to 485 mmboe, after allowing for the 2007 production of 59.1 mmboe. This represents a 1P reserves replacement ratio (RRR) of 175% for 2007, and 178% on a 3 year rolling-average basis.
On a proven and probable (2P) basis, year-end reserves increased to 879 mmboe. This represents a 2P RRR of 178% for 2007, and 234% on a 3 year rolling-average basis.
Contingent resources increased by 15% to over 2.6 billion boe, or over 14.5 trillion cubic feet (tcf).
The reserves additions in 2007 were mostly from organic growth sources, with acquisitions and divestments being insignificant in the final result.
Who's Who
Trevor Brown, BSc (Hons)
Vice President Geoscience and New Ventures
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John Anderson, LLB, BEc, GDCL
Vice President Strategic Projects
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Stephen Gerlach
Chairman
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Kenneth Charles Borda
Non-Executive Director
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Kenneth Alfred Dean
Non-Executive Director
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Roy Alexander Franklin OBE
Non-Executive Director
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Richard Michael Harding
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Prof. Judith Sloan
Non-Executive Director
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Rick Wilkinson
Vice President Gas Marketing and Commercialisation
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Mark Macfarlane
Vice President Development Projects and Technical Services
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Roger Kennett
Vice President Operations
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Jon Young
Executive Vice President Corporate Projects
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Peter Wasow
Chief Financial Officer
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James Baulderstone
General Counsel and Company Secretary
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Martyn Eames
Vice President Corporate and People
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Peter
Director
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David
Chief Executive Officer and Managing Director
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Ray
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Offices
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