Australia’s Santos reveals new emission targets

Australian energy firm Santos revealed new emission targets in its annual climate report, as it also plans to boost its exports of LNG.

Santos has set new 2030 targets that reflect the company’s merged portfolio with Oil Search, following the completion of the deal in December.

The company changed its previous absolute Scope 1 and 2 emissions reduction target of 26-30 percent by 2030 to 30 percent.

Santos said on Wednesday its previous emissions intensity target has increased from 26-30 percent to 40 percent and remains a target against Santos’ 2019-20 baseline.

In addition, the company raised its target to help customers reduce their Scope 1 and 2
emissions by 2030 from at least one million tonnes per annum, to 1.5 million tonnes CO2e per annum, through the supply of “clean fuels”, it said.

Boosting LNG exports

The firm also aims to boost its LNG exports. Santos’ equity LNG exports reached 4.56 million tonnes in 2021, a six percent increase on 2020 volumes.

Gladstone LNG in Queensland achieved LNG sales of over 6.4 million tonnes in 2021. With capacity of 8.6 mtpa there is potential for sales growth of 2.2 million tonnes above 2021 LNG sales, the firm said.

At current equity levels across Santos’ three LNG projects, namely GLNG, PNG LNG, and Darwin LNG, forecast LNG production for 2025 would reach about 7.15 million tonnes per year, the firm said.

Santos CEO Kevin Gallagher said the company plans to decarbonize its natural gas business and generate new revenue streams through carbon solutions such as carbon capture and storage utilizing existing infrastructure and depleted natural gas reservoirs.

“This year’s Climate Change Report comes as countries around the world are finding that energy and fuel price stability and supply security risks, remain critical considerations on the journey to net zero,” he said.

“With natural gas playing a central role in decarbonizing energy markets and balancing renewable energy, more investment is needed to ensure supply can keep pace with demand and to diversify supply sources,” Gallagher said.

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