Santos

What Santos does

Santos Limited is an ASX-listed (ASX:STO) global energy company headquartered in Adelaide, Australia, founded in 1954 and ranked among the top 20 ASX-listed companies by market capitalization. The company produces natural gas, LNG, crude oil, and condensate from a diversified asset portfolio spanning Australia (Cooper Basin, Queensland, Western Australia, Northern Territory), Papua New Guinea, Timor-Leste, and Alaska. Its core production assets include the Darwin LNG facility, GLNG (Queensland), PNG LNG, the Cooper Basin (Moomba), the recently launched Barossa LNG project (first cargo January 2025, 25-year life), and the Pikka Phase 1 oil project on Alaska's North Slope, which commenced production in June 2026 at an initial ~20,000 bpd with a target plateau of 80,000 bpd by Q3 2026. Santos also operates Australia's first large-scale onshore carbon capture and storage hub at Moomba (1.7 million tonnes CO2 per year at under US$30 per tonne lifecycle cost) and holds development optionality on Dorado (Western Australia) and the Narrabri Gas Project (New South Wales).

Underlying technology comprises offshore subsea production systems, FPSO vessels (including BW Opal at Barossa under a 20-year firm contract), LNG processing infrastructure, conventional and unconventional (coal seam gas) extraction, and geological CO2 storage in depleted reservoirs. Santos monetizes output through long-term LNG offtake contracts with Asian buyers (Japan, South Korea, China), long-term domestic gas supply agreements including a 200PJ/10-year contract with the South Australian Government from 2030, crude oil and condensate sales to international refineries, and sale of Australian Carbon Credit Units from Moomba CCS. Joint venture partners include JERA and Prism Energy (Barossa), Repsol (Pikka, 49%), Beach Energy (Cooper Basin/Moomba), and PNG LNG partners. Distribution is direct enterprise B2B with field sales teams managing key accounts; marketing is institutional rather than consumer-facing. Recent capital actions include a US$1 billion 10-year bond at 5.75% (November 2025) and an US$800 million syndicated loan for Darwin LNG life extension (October 2024), with Q1 2026 sales revenue of $1.27 billion and full-year 2026 guidance maintained.

Name

Santos

Legal name

Santos Limited

Website

https://santos.com

Company type

Public

Founded year

1954

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Natural Gas Extraction (21113), Oil and Gas Extraction (211), Natural Gas Distribution (221210), Natural Gas Extraction (211130)

SIC

Natural Gas Transmisison & Distribution (4923), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

LNG Liquefaction Plants (Onshore & FLNG) (EUALAFAA)

akta.pro secondary industries

LNG Liquefaction (Export Terminals) (EUAAACAE), LNG Contracting & Commercial (SPAs, Tolling, Offtake, Pricing) (EUALAFAF), LNG Equipment & Technology (Cryogenic, Turbines, Heat Exchangers, Boil-off Systems) (EUALAFAH), LNG Environmental, Safety & Compliance (Methane, Flaring, ESG, Safety Cases) (EUALAFAL), LNG Import/Export Terminals (Liquefied Natural Gas) (TLAHABAL)

Keywords

• Natural gas production
• LNG export operations
• Crude oil production
• Carbon capture storage
• Upstream energy development

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. LNG Exports: Santos produces and exports liquefied natural gas from facilities including Darwin LNG, PNG LNG, and GLNG. LNG is sold to international buyers primarily in Asia under long-term contracts. The Barossa project commenced first cargo in January 2026.
2. Domestic Gas Sales: Sales of natural gas to the Australian domestic market, including long-term supply agreements with government customers such as the South Australian Government (200PJ over 10 years from 2030) and industrial customers. Subject to Australian domestic gas reservation policies.
3. Crude Oil and Condensate Production: Production and sale of crude oil and condensate from projects including Pikka in Alaska (80,000 bpd plateau target), Dorado in Western Australia, and various Australian assets. Oil is exported to international markets.
4. Carbon Credits: Revenue from Moomba CCS project through Australian Carbon Credit Units (ACCUs) generated from CO2 capture and geological storage. The project achieved record ACCUs after its first year of operations in 2025.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Santos produces, processes, and exports natural gas (including LNG), crude oil, and condensate from upstream assets located in Australia, Papua New Guinea, Timor-Leste, and Alaska. The company operates integrated LNG processing and export facilities (Darwin LNG, GLNG, PNG LNG) and midstream pipeline infrastructure, and has added Moomba Carbon Capture and Storage as a low-cost emissions reduction asset that generates Australian Carbon Credit Units.

Product overview

Santos is an ASX-listed global energy company with operations spanning Australia, Papua New Guinea, Timor-Leste, and Alaska. The company operates as an integrated oil and gas business with a portfolio of upstream production assets, midstream infrastructure, and LNG facilities. Core products include natural gas, LNG, crude oil, and condensate. Key projects include Barossa LNG (offshore gas development feeding Darwin LNG), Pikka Oil Project (Alaska North Slope), Moomba Carbon Capture and Storage (Australia's first large-scale CCS hub), and GLNG (coal seam gas to LNG export). The company's portfolio includes producing assets across Cooper Basin, Western Australia, Queensland, and international operations in PNG and Timor-Leste, with development projects including Dorado, Beetaloo Basin exploration, and various offshore developments.

Differentiator

Problem solved

Functional benefit

Products and services

• Barossa LNG Offshore gas and condensate project approximately 285 km offshore Darwin that supplies gas to the existing Darwin LNG facility for export. Features an FPSO vessel, subsea production system, and gas export pipeline.
• Darwin LNG Liquefied natural gas processing facility in Northern Territory that converts gas from Bayu-Undan and Barossa fields into LNG for export, primarily to Asian markets under long-term contracts. Life extension works scheduled for mid-2025 target a ~20-year operational extension.
• Moomba Carbon Capture and Storage Carbon capture and storage hub at the Moomba Gas Plant designed to store up to 1.7 million tonnes of CO2 per year in depleted oil and gas reservoirs at a lifecycle cost below US$30 per tonne. Generates Australian Carbon Credit Units (ACCUs) sold to emitters and businesses.
• Pikka Oil Project Oil development on Alaska's North Slope operated by Santos (51%) with Repsol (49%). Phase 1 targets 80,000 bpd plateau production with approximately 400 million barrels of gross proved plus probable reserves, with shipments exported via the Port of Valdez.
• GLNG (Gladstone LNG) Integrated coal seam gas to LNG export project in Queensland with Santos as operator; gas processing and LNG export occur at Curtis Island under long-term offtake arrangements with international buyers.
• Cooper Basin Assets Conventional gas production assets in the Cooper Basin, South Australia, including the Moomba facility and surrounding fields. Central to Santos's domestic gas supply and to its carbon capture initiatives via Moomba CCS.
• Western Australia Assets Offshore oil and gas operations in Western Australia including the Carnarvon Basin (Reindeer, Devil Creek, Harriet JV) and Ningaloo Vision field cessation operations, producing gas and liquids for Australian domestic and export markets.

Quantifiable outcome

• 22.5 million boe production in Q1 2026
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• PNG LNG Joint Venture PartnerscoreStrategic or Co-development Partner · 12 May 2026Santos took FID on Agogo Production Facility tie-in project following approval by PNG LNG joint venture partners. First gas targeted Q2 2028, converting 66 mmboe of 2P undeveloped reserves into developed reserves.
• Regional Academies of Sport LtdminorGTM or Marketing Partner · 1 January 2024Santos partnership with Regional Academies of Sport Ltd in Upper Hunter Region of NSW providing financial support and development opportunities for regional athletes through scholarships and events.
• Hunter Gas Pipeline Pty LtdcoreStrategic or Co-development Partner · 11 August 2022Santos acquired Hunter Gas Pipeline Pty Ltd in August 2022 to expedite delivery of Narrabri gas to the domestic market. The pipeline project plans to connect the Wallumbilla Gas Hub in southern Queensland to Newcastle, with construction expected to start in 2024.
• RepsolcoreStrategic or Co-development PartnerJoint venture partner in Pikka Phase 1 oil project on Alaska's North Slope. Santos holds 51% operated interest, Repsol holds 49%. Project targets 80,000 bpd plateau production with 400 million barrels gross 2P reserves.
• Beach EnergycoreStrategic or Co-development PartnerJoint venture partner in Cooper Basin operations and Moomba Central Optimisation project. Beach Energy contributing approximately A$250m to the A$607m MCO project. Also partners on Moomba CCS facility.
• BW OffshorecoreTechnology or IntegrationProvider and operator of FPSO BW Opal vessel for the Barossa LNG project. BW Offshore completed Interim Performance Test milestone for FPSO as part of Barossa commissioning. Long-term firm contract for two decades.
• Prism EnergycoreStrategic or Co-development PartnerBarossa Joint Venture partner alongside Santos and JERA. BAFF fund established with contributions from all three joint venture partners.
• JERAcoreStrategic or Co-development PartnerBarossa Joint Venture partner alongside Santos and Prism Energy. JERA is a major Japanese energy company and LNG buyer.

Scale indicators14 records

Recent moves12 records

Expansion highlights4 records

Broad incumbents

• Chevron: Global energy major with significant Australian LNG exposure via Gorgon, Wheatstone, and NWS. Provides benchmark for large-scale LNG operations and competes for Asian LNG offtake customers.
• ExxonMobil: Global LNG/oil major and participant in PNG LNG joint venture. Operates globally comparable LNG value chain assets and competes for Asian LNG contracts.
• Shell: Global LNG leader operating Prelude FLNG and QGC in Australia. Competes directly with Santos in Asian LNG markets and has comparable integrated upstream-to-LNG portfolio.
• ConocoPhillips: Major US-based E&P with Alaska North Slope operations directly comparable to Santos's Pikka project. Provides a peer benchmark for Arctic/LNG-linked upstream economics.
• TotalEnergies: Global integrated LNG/oil major with growing Australian exposure. Comparable for full LNG value chain participation from production through long-term contracted sales to Asian buyers.

Direct peers

• Origin Energy: Australia's largest energy retailer and APLNG upsteam participant. Direct competitor in domestic east coast gas market and JV partner in certain Santos-adjacent infrastructure.
• Woodside Energy: Australia's other major pure-play LNG and oil producer. Operates Pluto LNG, North West Shelf, Browse, and Scarborough projects with overlapping customer base in Asia and similar integrated upstream-to-LNG business model.
• Inpex Corporation: Operator of Ichthys LNG in Australia with comparable upstream-to-LNG integrated operations and primary customer base in Japan, mirroring Santos's Darwin LNG/JERA relationship.
• Repsol: 49% joint venture partner in Santos's Pikka Phase 1 Alaska project and a global integrated energy company with comparable upstream and LNG exposure. Demonstrates comparable Arctic/onshore development execution.

Others

• JERA Co. Japan's largest LNG buyer and Barossa joint venture partner alongside Santos and Prism Energy. Represents the buyer-side of the LNG value chain comparable to Santos's largest customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@SantosLtd/featured
• Facebookfacebook.com/santoscommunity
• LinkedInlinkedin.com/company/santos-ltd/mycompany/verification
• Xx.com/SantosLtd

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Santos