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Australian Energy Producers Journal Australian Energy Producers Journal Society
Journal of Australian Energy Producers
RESEARCH ARTICLE (Non peer reviewed)

Evolving Santos’ onshore execution and production business to unlock value and growth through the commodity cycles

Brett Woods
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Santos Limited, 60 Flinders Street, Adelaide, SA 5000, Australia. Email: brett.k.woods@santos.com

The APPEA Journal 58(2) 756-760 https://doi.org/10.1071/AJ17174
Accepted: 9 March 2018   Published: 28 May 2018

Abstract

Over the last three years, Santos has transformed its onshore operated assets from high cost assets to strong cash generating assets that are resilient at low oil prices. Santos is now Australia’s lowest cost onshore developer of oil and gas. In the Cooper Basin, Santos has delivered a 61% reduction in the drill, fracture stimulate and complete costs of gas wells since 2014. For Gladstone liquefied natural gas (GLNG), over the same timeframe, the continual review and optimisation of both surface and subsurface designs has led to an 83% reduction in Roma drill, complete, connect costs since the initial phase of Roma development. Key enablers have been (1) organisational focus, (2) a disciplined operating model and (3) a relentless drive for cost and efficiency. Santos continues to strive for further improvements. The company’s competitive cost base and operating capability can now be used to unlock new resources, both within Santos’ current portfolio and for acreage currently held by others, that would have previously been considered sub-economic to develop. Unlocking these new resources will benefit of Santos, joint venturers, customers and communities.

Keywords: Cooper Basin, complete, connect, CSG, development, drill, efficiency, frac, GLNG, onshore, upstream.

Brett Woods is the Executive Vice President Onshore Upstream Oil and Gas Developments. Brett holds a BSc (Hons) Geology and Geophysics. Brett is responsible for delivering projects, sustaining capital work programs and non-operated assets. Brett previously held the role of Vice President, eastern Australia, from August 2015, which included production, development and commercialisation of the company’s oil and gas resources in central Australia. Brett joined Santos in February 2013 as the Manager Exploration for the company’s Perth-based Western Australia and Northern Territory business unit. Brett is a geologist and geophysicist and has over 20 years of oil and gas industry experience, including senior management, technical and business development roles. He is a member of the APPEA Board, and Chair of the APPEA Exploration Committee.