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Australian producer Santos joins Aiming for Zero Methane Initiative 

February 21, 2024

Australian energy company Santos is the latest oil and gas producer to become a signatory to the Aiming for Zero Methane Emissions Initiative, launched by the Oil and Gas Climate Initiative (OGCI) to encourage the oil and gas industry to cut methane emissions.   

Santos, a major domestic gas supplier in Australia and LNG supplier in Asia, joins other signatories to the initiative in committing to achieving near-zero methane emissions from operated oil and gas assets by 2030. 

The Aiming for Zero Methane Emissions Initiative establishes an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety. As well as commitments from signatories, more than 60 organizations have signed up as supporters of the initiative. 

All the initiative’s signatories and supporters believe virtually all methane emissions from the industry can and should be avoided. 

Bjørn Otto Sverdrup, Chairman of OGCI’s Executive Committee, said: “I’m delighted to welcome Santos to the Aiming for Zero Methane Emissions Initiative.  

“With its broad portfolio, including exploration and production complemented by carbon capture, Santos can have a significant impact on methane emissions. 

“We look forward to working with Santos as we further develop this essential cross-industry initiative.” 

As a signatory of Aiming for Zero, Santos has committed to put in place all reasonable means to avoid methane venting and flaring and to repair detected leaks, while preserving the safety of people and the integrity of operations. The results of these efforts will be reported annually and transparently. 

Santos CEO and Managing Director Kevin Gallagher said Santos is already working towards net-zero scope one and two emissions (equity share) by 2040 and signing up to this initiative is consistent with its goal to be a global leader in the energy evolution.  

He said: “The aims of the initiative closely align with our three-hub carbon capture and storage, and low-carbon fuels strategy, which is designed to enable Santos to abate the critical fuels we are producing today and supply lower-carbon alternatives as customer demand evolves.”   

Background

The Aiming for Zero Methane Emissions Initiative establishes an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety. Signatories and supporters of the initiative include major oil and gas producers, service companies and leading global consultancies.

The initiative’s signatories and supporters believe virtually all methane emissions from the industry can and should be avoided.

OGCI is a CEO-led organization bringing together 12 of the world’s largest energy companies to lead the oil and gas industry’s response to climate change. The group aims to accelerate collective action towards a net-zero emissions future in line with the Paris Agreement.

Aiming for Zero complements a number of other multi-stakeholder initiatives to reduce methane emissions, including the Methane Guiding Principles, the Oil & Gas Methane Partnership 2.0 and the Global Methane Alliance.

About Santos

Santos provides reliable, affordable energy for progress and seeks to provide lower carbon energy over time. Santos is a global energy company with operations across Australia, Papua New Guinea, Timor-Leste and the United States. Santos’ goal is to be a global leader in the energy evolution to low carbon fuels that help the world decarbonise and continue to provide the reliable, affordable energy the world needs for modern life and human progress.