‘Santos’ stands for South Australia Northern Territory Oil Search, the company's original name when it was founded in 1954. According to the company,

“Today it is one of Australia’s largest domestic gas producers and a major LNG (liquified natural gas) exporter to Asia, with operations across Australia, Papua New Guinea, Timor-Leste and beyond.’’

The company is operating major long-life projects whose emissions profile extend well beyond mid-century.

While Santos reports targets to reduce its operational (Scope 1 and 2) greenhouse gas emissions and to achieve net-zero Scope 1 and 2 emissions by 2040, these targets do not apply to Scope 3 emissions generated when its gas is combusted by end users, which constitute the majority lifecycle greenhouse gas emissions associated with gas production. For Santos in 2024, the Company reported that 88% of its emissions were Scope 3 emissions.

Additionally, Santos’ emissions reduction strategy relies in part on the future performance of carbon capture and storage technologies, which, according to IPCC Reports and analysis by the International Energy Agency, remain deployed at limited scale globally and questions remain about whether these technologies can deliver the level of abatement necessary under 1.5C pathways.

Santos continues to pursue the development of new gas projects with operational lifespans extending for decades. This approach sits in direct tension with guidance from the International Energy Agency and United Nations, which have stated that new oil and gas projects are not consistent with modelled pathways limiting global warming to 1.5°C.

Information about Santos’ new projects can be found on the company’s website.