Santos adds 122 million boe to reserves

Feb. 28, 2006
Santos Ltd., Adelaide, added 122 million boe to proved oil and gas reserves through exploration, appraisal, revisions, and acquisitions in 2005.

By OGJ editors
HOUSTON, Feb. 28 -- Santos Ltd., Adelaide, added 122 million boe to proved oil and gas reserves through exploration, appraisal, revisions, and acquisitions in 2005.

After production of 56 million boe, reserves increased to 414 million boe from 348 million boe at the end of 2004. Santos expects production of 60-61 million boe in 2006 and 62-63 million boe in 2007.

Santos last year acquired Basin Oil Pty. Ltd. from joint venture partner OMV Petroleum Pty. Ltd. of the UK, adding 2.1 million boe of reserves in Australia's Cooper basin.

Revisions to reserves in the company's existing Cooper basin fields added 16.8 million boe.