Experts predict the government’s climate policy will boost investor confidence in controversial carbon capture technology,but industry is calling for public subsidies.
The oil and gas explorer says the controversial method of storing carbon underground is crucial to ensuring tougher emissions targets do not drive up energy bills.
Traditional owners have launched human rights complaints against a dozen banks over a $1.5 billion loan to Santos’s gas project in the Timor Sea.
UK-based investment firm Snowcap wants Santos to stop major new fossil fuel projects,invest in high-return,low-emissions projects,and return cash to shareholders.
Soaring international gas prices due to slashed supply from Russia has helped Santos triple its full-year net profit to $3.1 billion.
Safety concerns have forced regulators to step in five times over the past two years at Santos’ Pilbara operations. The latest issue came just days after a gas leak forced the closure of a platform and curtailed WA’s supply.
The oil and gas giant has been accused of covering up details of an oil spill off the WA coast where at least three dolphins were found dead.
Santos,one of the largest Australian oil and gas companies,has wiped hundreds of millions of dollars off the value of its assets.
Australia’s oil and gas producers can no longer “kick the can down the road” with their huge decommissioning liabilities and there are calls for their shareholders to be fully informed about the risks and costs they are exposed to.
Santos,already faced with a court-ordered stop to drilling its Barossa gas field,has now halted construction of an offshore gas pipeline after a regulator’s direction to check for Indigenous heritage along the route.
Santos ended 2002 with record $11 billion revenue but no timetable for resuming drilling its vital Barossa gas project that was stopped by the courts