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Santos Annual Report 2005

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Santos Annual Report 2005 SAN171 WWW Cover 28/3/06 2:14 PM Page 1 SANTOS ANNUAL ANNUAL SANTOS REPORT 2005 Santos Ltd ABN 80 007 550 923 COVER PHOTOGRAPH: CORPORATE DIRECTORY Roger Lewis (right), Mutineer-Exeter Project Close Out Manager, inspecting the MODEC Venture 11 Floating Production Storage and Offtake vessel with a Quality Assurance Engineer. REGISTERED AND HEAD OFFICE Perth Representative office of Santos Ground Floor, Santos House Level 28, Forrest Centre Asia Pacific Pty Ltd in Jakarta 91 King William Street 221 St Georges Terrace Level 9, Ratu Plaza Office Tower Adelaide, South Australia 5000 Perth, Western Australia 6000 Jalan Jendral Sudirman Kav 9 GPO Box 2455 Telephone 08 9460 8900 Jakarta 10270 Indonesia Adelaide, South Australia 5001 Facsimile 08 9460 8971 PO Box 6221, JKS GN Telephone 08 8218 5111 Jakarta 12060 Indonesia Port Bonython Facsimile 08 8218 5274 Telephone 62-21 270 0410 PO Box 344 Facsimile 62-21 720 4503 SHARE REGISTER Whyalla, South Australia 5600 Ground Floor, Santos House Telephone 08 8640 3100 USEFUL EMAIL CONTACTS INSIDE 91 King William Street Facsimile 08 8640 3200 Share register enquiries: Adelaide, South Australia 5000 [email protected] United States of America GPO Box 2455 Santos USA Corp. Investor enquiries: Adelaide, South Australia 5001 10111 Richmond Avenue, Suite 500 [email protected] INTRODUCING SANTOS PRODUCTION STATISTICS BOARD OF DIRECTORS Telephone 08 8218 5111 Houston, Texas 77042 USA Employment enquiries: Company profile and history, and an overview 16 Summary of production results for 2005. 55 Directors’ biographical details. Facsimile 08 8218 5950 Telephone 1-713 986 1700 of Santos’ vision, strategy and values. [email protected] CAPTURING NEW RESOURCES LEADERSHIP TEAM OFFICES Facsimile 1-713 986 4200 WEBSITE NAVIGATING 2005 OPERATING AND 17 Exploration results, acreage additions and 56 Management structure and senior Brisbane Papua New Guinea www.santos.com FINANCIAL HIGHLIGHTS new ventures in 2005, together with the executives’ responsibilities and Level 14, Santos House Barracuda Limited 2 Key results for 2005 and three-year program for 2006. biographical details. 60 Edward Street Level 8, Pacific Place performance. EXPANDING GLOBALLY THROUGH Brisbane, Queensland 4000 Cnr Champion Parade GROUP INTERESTS Telephone 07 3228 6666 PROGRESS ON THE GROWTH GROWTH PROJECTS 58 Santos licence areas and percentage and Musgrave Street STRATEGY IN 2005 Facsimile 07 3228 6777 20 Development projects that commenced interests. Port Moresby, PNG 3 Milestones that delivered on the growth production or were further progressed. Telephone 675 321 2633 strategy during 2005 and activities 10 YEAR SUMMARY Facsimile 675 321 2847 planned for 2006. BROADENING 60 Statistical summary of financial COMMERCIALISATION HORIZONS performance. SUCCESS CHAIRMAN’S REVIEW 22 Market context, new gas contracts and Annual Report 2005 4 Stephen Gerlach comments on Santos’ innovative use of infrastructure hubs. FINANCIAL REPORT performance in 2005. 62 Income statements, balance sheets, REALISING VALUE AND BALANCING cash flow statements, statements of THE PORTFOLIO MANAGING DIRECTOR’S REVIEW recognised income and expense, and notes 5 John Ellice-Flint reviews a year of record 24 Strategic projects and portfolio to the consolidated financial statements. financial, safety and environmental management activities. performance, successful exploration, DIRECTORS’ STATUTORY REPORT GROWING THE SIZE AND outstanding reserve replacement and fast- 63 Directors’ shareholdings, meetings, VALUE OF RESERVES tracked developments. activities and emoluments. 26 Analysis of reserves movements in 2005. MEETING STRATEGIC TARGETS STOCK EXCHANGE AND 9 Explanation of Santos’ good performance MANAGING FOR LONG-TERM SHAREHOLDER INFORMATION SUSTAINABILITY against its long-term targets. 137 Listing of top 20 shareholders, analysis 28 Sustainability framework, polices, systems of shares and voting rights. THE WORLD OF SANTOS and activities, including safety and 10 Locations of Santos’ global exploration, environmental performance, employees INFORMATION FOR development and production activities. and communities. SHAREHOLDERS 139 Annual General Meeting, final dividend, CORPORATE GOVERNANCE DELIVERING RECORD shareholder enquiries and information FINANCIAL PERFORMANCE 34 Details of the main corporate governance resources for shareholders. 12 Putting the numbers in perspective and practices Santos has in place. explaining the 2005 financial results. GLOSSARY REMUNERATION REPORT 140 Most frequently used terms explained. ACHIEVING OPERATIONAL 40 Remuneration details for Directors and EXCELLENCE key executives. BACK COVER 14 Production and sales analysis plus activities Corporate directory that are creating value from Santos’ MAJOR ANNOUNCEMENTS MADE changing production profile. BY SANTOS DURING 2005 54 Major releases to the market as part of continuous disclosure. SAN171 WWW Cover 28/3/06 2:14 PM Page 2 SANTOS IS A MAJOR AUSTRALIAN-BASED OIL AND GAS EXPLORATION AND PRODUCTION COMPANY GROWING A GLOBAL ENERGY BUSINESS. COMPANY PROFILE HISTORY VISION VALUES Santos is a major Australian oil and gas exploration and production Founded in 1954, Santos has been active in the energy business for Santos has a vision that by the end of the decade it will become Santos aspires to a set of values which are the guiding principles company with interests and operations in every major Australian more than 50 years. Its name was an acronym for South Australia the leading energy company in South East Asia with a share price that that define how it conducts its business and what it stands for as petroleum province and in the United States, Indonesia, Papua New Northern Territory Oil Search. continues to grow and a reputation for sustainability in its operations. a company. This means working as a team that: Guinea, Kyrgyzstan and Egypt. Santos made its first significant discovery of natural gas in the Cooper Santos’ vision of future success is to be a safe, low cost, fast-moving • Discovers – through being creative, making courageous decisions, Santos is one of Australia’s largest gas producers, supplying sales gas Basin with the Gidgealpa 2 well in 1963. The Moomba 1 discovery in explorer and producer and an agile niche player with a well developed learning from successes and failures to continually improve to all mainland Australian states and territories, ethane to Sydney, 1966 confirmed this region as a major petroleum province. ability to manage relationships with employees, partners and other everything we do. and oil and liquids to domestic and international customers. As a result of these discoveries, Santos had a commercially viable stakeholders. • Delivers – through being accountable for actions and decisions, The Cooper Basin, which Santos and its joint venture partners have quantity of gas and entered into Gas Sales Agreements with the South As the Company grows, it will provide a working environment that creating the right alignment with partners, striving for excellence developed in central Australia, is Australia’s largest onshore resource Australian Gas Company, the Electricity Trust of South Australia and encourages innovation across the business and where employees and effective results. project. the Australian Gas Light Company. Gas supplies commenced in 1969. are engaged in something which is tangibly more than just a job. • Collaborates – through building trusting relationships based on In Australia, Santos has one of the largest exploration portfolios by The 1980s saw Santos develop a major liquids business following the STRATEGY mutual respect, sharing what we know for the benefit of others area of any company and has assembled a large, well-situated acreage discovery of oil at Tirrawarra in the early 1970s. A liquids recovery and demonstrating leadership. Santos has in place a robust growth strategy to achieve this position in Indonesia and the United States. The Company is also plant was built at Moomba, along with a fractionation and loadout vision. It has three main components, which are illustrated on • Cares – by doing the right thing and assuring our future. pursuing new venture opportunities in North Africa, the Middle East, facility at Port Bonython. the opposite page: These values are the basis of Santos’ commitment to operating with a PLEASE RECYCLE THIS REPORT HELP SAVE PAPER BY DOWNLOADING AN and Central and South East Asia. By the 1990s Santos had become a major Australian operating • Enhance existing core areas in eastern and Western Australia. view to its long-term sustainability as an energy company. This Annual Report is printed in Australia on ELECTRONIC VERSION Santos is positioning itself to perform alongside the top quartile of enterprise with interests in United States and United Kingdom recyclable paper from sustainable plantation An electronic version of this Annual Report • Mature emerging core areas in Indonesia, the Timor the world’s oil and gas companies – rapidly expanding its exploration petroleum provinces and in emerging areas such as the Timor Sea forests. The manufacture of this paper is is available on Santos’ website Sea/Bonaparte Basin area and Papua New Guinea. interests and delivering production growth through an exciting suite of and Carnarvon Basin in Western Australia. externally certified to the ISO 14001 www.santos.com. growth projects. • Identify new core areas in North Africa, Central and South East A number of acquisitions in the 1990s provided Santos with additional Environmental Management System,
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