- Business
- Santos Limited (ASX:STO), founded in 1954 and headquartered in Adelaide, South Australia, explores for, develops, produces, transports and markets hydrocarbons including natural gas, liquefied natural gas (LNG), crude oil, condensate, liquefied petroleum gas (LPG), ethane and pipeline gas across Australia, Papua New Guinea, Timor-Leste, Alaska and other regions in the Asia Pacific. The company operates key assets in the Cooper Basin, Queensland and New South Wales, Western Australia, Northern Australia, Papua New Guinea and the Timor Sea; it supplies domestic gas to all mainland Australian states and territories, ethane to Sydney, oil and liquids to domestic and international customers, and LNG primarily to Asia, while also advancing carbon capture and storage (CCS) technologies such as the Moomba CCS project and emissions abatement initiatives targeting net-zero Scope 1 emissions by 2040. Santos maintains a regional operating model with three business units focused on execution and a Midstream Energy Solutions unit; it serves households, businesses and industries as Australia's largest natural gas supplier and second-largest independent oil and gas producer. Recent developments include the June 2025 receipt of a non-binding US$5.76 per share (A$8.89) acquisition proposal from the XRG Consortium led by Abu Dhabi National Oil Company (ADNOC) affiliates, which collapsed in September 2025 after due diligence, alongside ongoing Barossa gas field development in the Timor Sea approved for pipeline laying in 2024 and investments exceeding $745 million in its Climate Transition Action Plan since 2022.