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Santos oil and gas exploration summary

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30 September 2019

Santos oil and gas exploration summary

Report summary

Santos strategy since 2016 had the company re-organised around five core areas: Cooper Basin, GLNG, PNG, Northern Australia and Western Australian gas. Accordingly, the focus for exploration changed to those core areas. In the short term, E&A will look to maximise value by providing additional volumes to existing infrastructure. In the longer term, Santos will continue to seek growth opportunities around those core areas and for high value gas targets in other locations. Santos's overall 2009-2018 exploration performance improves significantly compared to a year ago, with 10-year full-cycle returns at 9%. This has been underpinned by a significant improvement in conventional IRR. The added value can almost entirely be accredited to Dorado. With significant upside likely to come from Dorado and surrounding acreage, future value creation looks robust.

Table of contents

  • Upstream strategy
    • SWOT grid
  • Evolution of exploration strategy
  • Well data
  • Australian focus produced results
  • Advance into deepwater, but long gas lead times prevent monetisation
  • Asian exploration didn't deliver

Tables and charts

This report includes 21 images and tables including:

  • Net active exploration acreage by water depth
  • Net active conventional acreage by country
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross conventional exploration and appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Discoveries (2009 to 2018)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and unconventionals,and as a proportion of all future production
  • Full-cycle economics
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth

What's included

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    Santos oil and gas exploration summary

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