Purpose & Vision 2040
Our purpose is to provide cleaner energy that is both affordable and sustainable to help create a better world for everyone.
To deliver on our purpose is to:
- Be Net Zero by investing in projects that can store more carbon than our Scope 1 & 2 emissions.
- Maintain our reputation for capital discipline and delivering strong returns to shareholders.
- Be one of the safest, most reliable and lowest cost operators globally.
- Be the leading supplier of low carbon domestic gas in Australia and low carbon LNG and liquids.
- Be a leading global CCS infrastructure provider.
- Be a leading global provider of clean fuels and carbon reduction services.
- Improve the living standards in the communities where we operate, building enduring and respectful relationships that serve generations.
- Live the “One Santos Team” culture where our people are focused, entrepreneurial and energised to leave a positive legacy.
Vision 2040 builds on the momentum of Vision 2025
We are a global energy company committed to helping the world decarbonise to reach net-zero emissions through reliable, affordable and sustainable energy.
In 2017 we set out on Vision 2025, with the seven elements of that vision now either complete or on track for completion, we set our sights on 2040 and delivering our ‘Net Zero’ target.
Born in Australia, Santos aims to be a global leader through the energy transition, producing the low-cost, low-emission fuels the world relies on.
We now have a global footprint with assets spread across Australia, Papua New Guinea, Timor-Leste and the United States of America.
For more than 65 years, Santos has been working in partnership with local communities, providing local jobs and business opportunities, safely and sustainably developing its natural gas resources, and powering industries and households.
We’re relentless in our search for a better future and committed to efforts to bring affordable, sustainable and cleaner energy to the world.
This pursuit of cleaner energy includes the continued production of our traditional fuels for decades to come.
We are clear, we will backfill and sustain our base business. The world will continue to demand our products, whether that is the fuels Santos has been built on or the carbon reduction services or clean fuels of the future. Those secure, well-paying jobs will exist for decades to come.
On our path to Vision 2040, we will create a positive legacy, for our communities, our customers, our people and our shareholders. That legacy is one of shared prosperity and strengthening communities for the long term.
We take a common-sense approach to addressing the world’s energy challenges, investing in traditional fuel and carbon reduction projects, while ensuring the lights stay on and the world has access to affordable, reliable and sustainable energy.
Santos’ strategy is robust and resilient to external volatility and aims to deliver shareholder value across three horizons, namely backfill and sustain, decarbonisation and clean fuels.
Our first horizon is to backfill and sustain our Upstream Gas and Liquids business to deliver sustainable upstream production estimated to be in the range of 100 to 140 million barrels of oil equivalent per annum into the 2040s.
Secondly, we will decarbonise those fuels. Our new Santos Energy Solutions business will provide decarbonisation services to deliver our Net Zero scope 1 & 2 emissions target by 2040. Santos Energy Solutions’ strategy focuses on re-purposing our existing infrastructure and depleted natural gas reservoirs to deliver low-cost, large-scale decarbonisation solutions.
And thirdly, Santos Energy Solutions will produce clean fuels as market and customer demand evolves.
It’s a simple but clear strategy that positions Santos to thrive in the energy transition.
Santos’ three horizon strategy will initially be delivered through two business divisions, an Upstream Gas and Liquids business and the Santos Energy Solutions business.
The Upstream Gas and Liquids business includes an Asia market focused LNG business with projects in PNG, Gladstone and Darwin, and two Australian domestic gas businesses (west and east coast).
Our new Santos Energy Solutions business will earn no revenue from the sale of hydrocarbons and includes midstream processing assets providing services to Santos’ and third-party gas and liquids producers. It will also provide decarbonisation and carbon management services and will develop clean fuels as the market and customer demand evolves.
Santos also has an Alaskan net-zero emissions oil development project in North America. The Pikka Phase 1 development project in Alaska is managed separately from our core LNG and domestic gas assets.