Lexi Webster
Santos, or Santos Limited, is an Australian oil and gas exploration and production company. It is the biggest supplier of natural gas in Australia, with its plants in the Cooper Basin in South Australia and South West Queensland supplying the eastern states of Australia. It is also Australia's second-largest independent producer of oil and natural gas and one of its 65 worst greenhouse gas emitters. Santos has its headquarters in Adelaide, South Australia, and has been operating for 70 years.
| Characteristics | Values |
|---|---|
| Full Form | Santos Ltd. (South Australia and Northern Territory Oil Search) |
| Type of Company | Oil and gas exploration and production company |
| Headquarters | Adelaide, South Australia |
| Operations | Exploration, development, production, transportation and marketing of hydrocarbons |
| Operating Regions | Australia, Papua New Guinea, Timor-Leste, United States, United Kingdom, Indonesia, Malaysia, Vietnam |
| Ranking | 15th largest company in Australia (Forbes, 2024) |
| Ranking | 1583rd largest public company in the world (Forbes Global 2000, 2020) |
| CEO | Kevin Gallagher |
| Chairman | Keith Spence |
| Environmental Record | Named on a list of Australia's 65 worst greenhouse gas-emitting companies in 2020 |
| Environmental Initiatives | Committed to achieving net-zero emissions by 2040 through carbon capture and storage, renewable energy, and tree-planting programs |
| Fines and Penalties | Fined millions for breaches of record-keeping and non-compliance with National Gas Rules |
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What You'll Learn
Santos is an Australian-owned oil and gas company
Santos Ltd. (South Australia and Northern Territory Oil Search) has its headquarters in Adelaide, South Australia. It owns liquefied natural gas (LNG), pipeline gas, and oil assets. The company has plants in the Cooper Basin in South Australia and South West Queensland, supplying the eastern states of Australia. Its operations also extend to the seas off Western Australia and the Northern Territory.
Santos has been in operation for over 70 years, working in partnership with local communities and providing jobs and business opportunities. The company made its first significant discovery of natural gas in the Cooper Basin in 1963, with the Gidgealpa 2 well. This discovery was followed by the Moomba 1 discovery in 1966, confirming the region as a major petroleum province. Santos entered into gas sales agreements and commenced gas supplies in 1969.
Santos has been criticised for its high level of greenhouse gas emissions and its lobbying of political parties. The company has set a goal to achieve net-zero emissions by 2040 using carbon capture and storage, renewable energy, and offsetting through tree-planting programs. Santos has also been fined for breaches of record-keeping and non-compliance with the National Gas Rules.
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It is one of the country's biggest suppliers of natural gas
Santos is an Australian oil and gas exploration and production company, with its headquarters in Adelaide, South Australia. It is one of the country's biggest suppliers of natural gas, providing sales gas to all mainland Australian states and territories. It is also Australia's second-largest independent producer of oil and natural gas.
Santos made its first significant discovery of natural gas in the Cooper Basin in 1963. This was followed by the Moomba 1 discovery in 1966, which confirmed the region as a major petroleum province. In 1968, construction began on the Gidgealpa Moomba to Adelaide natural gas pipeline, and the first molecules of natural gas were piped from Moomba to Adelaide in 1973. The company has since developed a number of natural gas and liquids projects, including the Moomba gas field and the Darwin LNG project, the first liquefied natural gas project in the Northern Territory.
Santos has been ranked as one of Australia's largest companies by Forbes and has a diverse portfolio of oil and gas assets. However, the company has also faced criticism and fines for its environmental record, including high levels of greenhouse gas emissions and various incidents causing contamination. In response, Santos has announced goals to reduce emissions and achieve net-zero emissions by 2040 through carbon capture and storage, renewable energy, and offsetting programs.
The company's operations extend beyond Australia, with interests in the United States, the United Kingdom, Indonesia, Malaysia, Vietnam, and Papua New Guinea. Santos is committed to supplying critical fuels and developing low-carbon alternatives as customer demands evolve. It has been working in partnership with local communities for 70 years, providing jobs and business opportunities while powering industries and households.
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Santos has been criticised for its high level of greenhouse gas emissions
Santos Ltd. (South Australia and Northern Territory Oil Search) is an Australian oil and gas exploration and production company. It is the biggest supplier of natural gas in Australia and is headquartered in Adelaide, South Australia. Santos has been criticised by environmentalists for its high level of greenhouse gas emissions, its lobbying of political parties, and various incidents causing contamination.
In 2020, Santos was named one of Australia's 65 worst greenhouse gas-emitting companies. The company has set targets to reduce its emissions intensity and achieve net-zero emissions by 2040. However, Santos has not disclosed emissions intensity data that can be used to assess its current and future carbon performance. This lack of transparency makes it challenging to evaluate the company's progress and alignment with benchmarks such as the Paris Agreement goals.
Santos has recognised the need to address climate change and has published annual climate change reports since 2018. These reports outline the company's climate transition strategy and action plan. However, there is still concern regarding the company's commitment to reducing greenhouse gas emissions. Assessments by organisations like the Transition Pathway Initiative (TPI) and Carbon Tracker Initiative aim to evaluate the company's financial statements and their reflection of climate-related risks.
The Carbon Tracker Initiative provides Alignment Assessments to help investors understand the transition risk exposure of upstream oil and gas companies like Santos. These assessments consider the impact of the energy transition on future demand for oil and gas products. Santos's sanctioned upstream oil and gas investments are assessed for compatibility with the IEA's Net Zero Emissions by 2050 Scenario. Companies that do not meet these criteria are assessed against different benchmarks.
In conclusion, Santos has faced criticism for its high level of greenhouse gas emissions and has responded by setting emission reduction targets and committing to net-zero emissions by 2040. However, the company's lack of transparency in disclosing emissions intensity data makes it challenging to assess its progress. Organisations like the Carbon Tracker Initiative play a crucial role in evaluating the company's financial statements and climate-related risks, providing insights to investors and stakeholders.
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The company has been fined for breaches of record-keeping
Santos Ltd. is an Australian oil and gas exploration and production company, with its headquarters in Adelaide, South Australia. It is the biggest supplier of natural gas in Australia and also has operations in Papua New Guinea and Timor-Leste.
Santos has been fined for breaches of record-keeping rules in Australia's gas market. The Federal Court ordered Santos Direct, a wholly owned subsidiary, to pay a $2.75 million fine for over 4,700 breaches of the National Gas Rules. The Australian Energy Regulator (AER) alleged that a unit of Santos failed to maintain essential records of material renominations across six different auction facilities on 4,701 occasions between March 2019 and June 2021.
Day Ahead Auctions allow companies to make nominations specifying the quantity of gas they expect to move from one location to another the next day, with any spare gas capacity being auctioned. Companies can file a renomination request to modify prior nominations, but they are required to keep records of these changes. Accurate record-keeping is critical for the AER to monitor compliance and investigate potential breaches, such as making false or misleading nominations.
Justice Neskovcin stated that the penalty "should operate as a deterrent" and highlighted the importance of record-keeping in protecting the proper functioning of the capacity auction. The court emphasized the public interest in clear, transparent, and compliant reporting in accordance with the National Gas Laws. While the breach was not intentional, the significant penalty was necessary given the multiple reporting breaches and the size and financial position of Santos.
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Santos has interests in the Timor Sea and Western Australia
Santos Ltd. (South Australia and Northern Territory Oil Search) is an Australian oil and gas exploration and production company. It is headquartered in Adelaide, South Australia, and is the biggest supplier of natural gas in Australia. Santos has interests in the Timor Sea and Western Australia.
In the 1990s, Santos expanded its operations and acquired interests in petroleum in the United States and the United Kingdom. During this decade, the company also developed operations in the Timor Sea and Western Australia. In 2011, Santos' GLNG project was sanctioned, and the company produced its first LNG in September 2015. Santos has an interest in the Darwin LNG project, which was the first liquefied natural gas project in the Northern Territory. It has been supplied by the Bayu-Undan field, which is expected to be exhausted in the 2020s.
To replace the dwindling reserves of the Bayu-Undan field, Santos intends to develop the Barossa project. This is a proposed gas field in the Timor Sea, situated around 300 km north of Darwin in Australian waters. The project is worth A$4.7 billion and was signed off in 2021, with gas production expected to commence in 2025. Santos has also issued updates on its field expansion and development programs offshore Western Australia. In January 2024, Santos and Carnarvon Energy were working to secure a rig for the next phase of drilling in the Bedout sub-basin offshore Western Australia.
Santos is one of Australia's domestic gas and oil producers, supplying sales gas to all mainland Australian states and territories. It is Australia's second-largest independent producer of oil and natural gas. The company has been criticised by environmentalists and others for its high level of greenhouse gas emissions, lobbying of political parties, and various incidents causing contamination. In 2020, Santos was named on a list of Australia's 65 worst greenhouse gas-emitting companies. Following pressure from ethical investors, Santos announced a goal to achieve net-zero emissions by 2040.
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Frequently asked questions
Yes, Santos is Australian-owned. It is one of Australia's domestic gas and oil producers and is the country's biggest supplier of natural gas. Santos is headquartered in Adelaide, South Australia, and has offices in Brisbane, Sydney, Perth, and Jakarta.
Santos is an oil and gas exploration and production company. It owns liquefied natural gas (LNG), pipeline gas, and oil assets. It operates through three businesses: Upstream Gas and Liquids, Santos Energy Solutions, and North America.
Santos operates predominantly in Australia, with additional operations in Papua New Guinea, Timor-Leste, and Alaska, North America.
Santos made its first significant discovery of natural gas in the Cooper Basin in 1963. In 1966, the Moomba 1 discovery confirmed this region as a major petroleum province. Santos entered into gas sales agreements and began supplying gas in 1969. The company has since expanded its operations and made several acquisitions, becoming a major Australian enterprise by the 1990s.
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