Santos earnings and approvals make a mockery of climate policy

Australia’s most recognised oil and gas company, Santos, has revealed it made a staggering $3 billion profit in 2022, with their underlying profit up 160%, showing its bad behaviour is paying off. 

The federal Government yesterday approved an additional 166 gas wells in Queensland which would lock Queenslanders into climate chaos for decades to come.

Last year, it was revealed that Santos covered up an oil spill from the Varanus Island oil rig off WA which killed dolphins. In December, Santos’ approvals to drill for gas in the Tiwi sea country were invalidated by a Federal Court, because they hadn’t consulted the Traditional Owners. 

In our own state, Santos produced more carbon emissions than 200,000 Queenslanders but paid less company tax than the average person last year. 

Queensland Conservation Council climate organiser Jen Basham said:

“Santos is not just getting away with bad behaviour, they are profiting from it, and are paying next to nothing back to the country in income tax. 

“How many times do we have to put up with Santos behaving illegally, not consulting Traditional Owners, or poisoning wildlife, before we stop letting them wreck our environment for profit?

“It is inconceivable that Santos have just had an additional 166 gas wells approved to be drilled in Queensland, to be operational to 2077, despite these massive failures. 

“The Federal Government has proposed new laws that would compel Santos to cut their carbon emissions, but Santos’ recent behaviour shows they do not have Queenslanders’ best interests at heart. In fact, there are concerns companies like Santos are actively lobbying to water these laws down.

“The Albanese Government needs to step up and ensure that Santos follows the rules and invest in real change to their climate and environment-wrecking business models.”

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