As a global stakeholder in the energy business, we recognise that one of our key social and environmental responsibilities is to pursue strategies that address the issue of climate change.
Our climate change vision is to lower the carbon intensity of our products.
Our greenhouse gas emission sources consist of vehicle and equipment fuel combustion, venting, flaring and fugitive emissions. Together, these are reported as total emissions from our operated facilities.
We actively monitor and disclose our climate change performance and meet numerous reporting commitments including the National Greenhouse and Energy Reporting Scheme, the Carbon Disclosure Project and quarterly reports to Santos’ Environment, Health, Safety and Sustainability Committee of the Board.
By 2040, the world population is forecast to be nine billion people. This growth in population, coupled with economic development, is driving up energy demand. To meet this demand and limit temperature rise, a suite of options will be required that balance reliability, cost, and environmental factors. Natural gas is ideally placed to underpin this transition to a low-carbon economy.
Santos' emission profile
We have invested millions of dollars into the measurement, management and reporting of our greenhouse gas emissions. We actively report and disclose our climate change performance and meet numerous reporting commitments including:
Fugitive emissions are minor losses from oil and gas equipment; for example, from valves on pipelines and within gas plants. They are, generally, barely detectable minute leaks. The term is sometimes also used to include flaring and venting activities, but Santos calculates them differently and reports them separately.
Our fugitive emissions are a very small component of our direct emissions. To put this in perspective, imagine you were to drink one cup of coffee per day. Over 40 years, that would amount to around 15,000 cups. The volume of our fugitive emissions (minor losses) would be equivalent to missing out on just one cup of coffee in 40 years.
Investing in science
Independent studies provide evidence to validate emissions measurement and reporting methodology for the oil and gas industry. Santos is taking a lead role to ensure research-based science continues to form the basis of discussions concerning greenhouse gas emissions.