Chairman Keith Spence and CEO Kevin Gallagher were grilled about controversial gas projects at a fiery AGM in Adelaide where the board avoided a ‘second strike’.
Santos chief executive Kevin Gallagher has laid into the Albanese government and the federal Coalition for “handing power to the Greens” in the final design of the safeguard mechanism, which he says has escalated sovereign risk in Australia for investors.
Activists outside the meeting protested against both Narrabri and Barossa, which Santos argues are vital to help prevent energy shortages in NSW and the Asian region, respectively. He noted that almost one in five shareholders voted against the Santos board and backed a minority resolution calling for oil and gas production to be aligned with global climate goals.The amendments to the safeguard mechanism secured by the Greens include a stipulation that new gas projects developed to supply existing LNG plants be net zero carbon from the outset.
Mr Spence said the broader impact of changes to the safeguard mechanism was “difficult to assess” because policymakers were still working through finer details.Barossa is already mired in difficulties because of requirements for extra consultation with Indigenous communities after anThe court ruling forced the abandonment of drilling at the gas field, putting the project schedule at risk, although Mr Gallagher said the company still believed it could deliver the Barossa project by mid-2025.
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