ACCR Company Engagement Santos Ltd
Headquartered in Adelaide, Santos is Australian-owned and operated. It has one of the largest exploration and production acreages in Australia and extensive infrastructure. Santos supplies LNG, natural gas and oil to Australian and Asian markets, from assets in Australia and Papua New Guinea. It is currently in the process of merging with Oil Search Ltd, which would increase the company’s scale and geographic diversification. It has major coal seam gas developments and has recently reached a positive Final Investment Decision on a Carbon Capture and Storage project at Moomba.
ACCR recently filed a case alleging that Santos’ engaged in “greenwashing”, by embellishing its environmental credentials in a way that is misleading or deceptive, or likely to mislead or deceive, in particular that natural gas provides clean energy and that Santos has a clear and credible road map to achieve net zero scope 1 and 2 emissions by 2040.
Santos remains a priority company for ACCR, particularly following the recent merger with Oil Search and the significant expansion of the company’s oil and gas assets. We currently plan to file resolutions that seek more specific disclosure on the company’s management of stranded asset risk and asset decommissioning liabilities, along with the company’s significant direct and indirect influence on government policy. At the 2022 AGM, Santos will also be providing shareholders with a Say on Climate, in which shareholders will vote on the company’s climate transition plan.
