Oil and Gas News

Senex delivers Surat Basin natural gas reserves upgrade

Atlas expansion project

Senex Energy has released its independently assessed estimates of reserves, reporting a 24 per cent increase in Surat Basin 1P gas reserves to 261 petajoules (PJ) and a 290 per cent reserves replacement ratio (RRR) on 2P reserves of 767 PJ.

The uplift reserves comes as Senex achieved a record 17.3 PJ of production in FY21 from its high-quality Atlas and Roma North operations and incorporates the award of ATP 2059, now part of the Atlas acreage.

Senex managing director and chief executive officer Ian Davies said its Surat Basin reserves position follows the successful delivery of its transformational natural gas developments.

“Daily production now exceeds 52 TJ/day (19 PJ/year) with our near-term growth projects proceeding well towards our targeted five-fold growth in annual production to more than 60 PJe by the end of FY25,” he said.

“The first phase of our Roma North expansion has now been delivered with additional expansion projects nearing FID for both Roma North and Atlas, which will increase portfolio production to 36 PJ/year.”

Davies said the company’s low-risk, low-carbon and long-life expansion plans are underpinned by its resilient and material natural gas reserves base.

“With 767 PJ of 2P reserves and over 1,000 PJ of 3P reserves, we are well positioned to continue to grow our production profile and deliver significant and sustainable value for all our stakeholders,” Davies said.

Senex’s reserve upgrades in the Surat Basin have been driven by successful development drilling, including targeted appraisal activities, as well as the award of ATP 2059 increasing the area of the Atlas project by 32 per cent.

Daily production has increased 40 per cent from 37 TJ/day (13.5 PJ/year) at the start of the 2021 financial year and now exceeds 52 TJ/day (19 PJ/year).

Surat Basin 2P gas reserves of 767 PJ represent over 35 years of natural gas production at the current target annual production of around 20 PJ/year (56 TJ/day), providing material opportunities for gas production acceleration and expansion utilising Senex’s hub-and-spoke infrastructure operating model.

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