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Santos oil and gas exploration summary

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Report summary

The oil price collapse hit Santos at a time when its balance sheet was at maximum stretch and the ramifications have been transformational. A strategic review was completed in November 2015 and CEO David Knox was replaced by Kevin Gallagher in February 2016. Amongst actions to increase liquidity a key component relevant to exploration was for future strategy to be driven by improved return on capital performance. The exploration team has been downsized and restructured and the 2016 exploration budget is down 60% year on year. As a result Santos' E&A activity for 2016 has been focused on less expensive onshore and shallow water targets in Australia Indonesia and Papua New Guinea.

What's included

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  • Document

    Santos .xls

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    Santos oil and gas exploration summary

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 24 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2006-2015
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • 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
  • Net active exploration acreage by water depth
  • Net active conventional acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • 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


  • Ten year performance summary
  • Discoveries (2006 to 2015)
  • Key organic unconventional plays
  • Full-cycle economics
  • SWOT grid
  • Gross conventional exploration and appraisal wells by basin and sector

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