![]() Santos has also been facing legal action by another activist shareholder group, the Australian Centre for Corporate Responsibility (ACCR), which last year launched a challenge in the Federal Court alleging that it breached corporations and consumer laws by claiming that natural gas provided “clean energy”. Market Forces, an affiliate of Friends of the Earth, says the expansion plans conflict with the IEA’s finding in its net zero emissions report last year that no new oil and gas fields should be developed beyond those committed. ![]() The complaint focuses on comments made by Mr Keith and Mr Spence in justification of Santos’ plans to develop new oil and gas fields, including the Dorado oil field in Western Australia, the Papua LNG project in Papua New Guinea and the Pikka oil project in Alaska. We ask ASIC to review Santos’ conduct and consider taking appropriate action.”ĪSIC declined to comment, and a spokeswoman said any reports of misconduct were received in confidence.Ī Santos spokeswoman noted that after the AGM the company had issued a clarification of the comments on its website on how its investment in new oil and gas fields were compatible with the IEA’s net zero scenario. “We note ASIC has outlined ‘greenwashing’, including ‘misleading statements relating to environmental, social and governance claims’, as a strategic focus in its Corporate Plan 2021-2025. “We are concerned that Santos’ conduct may mislead investors into thinking the company is more environmentally friendly than it really is,” campaigner Will van de Pol said in an emailed letter to ASIC on August 4. The statements were in response to questions by one of the group’s campaigners over how Santos’ plans for new oil and gas projects complied with the International Energy Agency’s net zero emissions by 2050 recommendations. Santos chairman Keith Spence (left) and CEO Kevin Gallagher are being taken to task regarding statements made to the AGM on May 3. The group has asked the Australian Securities and Investments Commission to investigate statements made by Mr Spence and Mr Gallagher at Santos’ annual shareholder meeting in May. Alaska has the resources and environmental safeguards in place to meet America’s energy needs today and for decades to come.”Īround 75% of the projected budget will be with companies operating in Alaska, and contracts are expected to be awarded this week.Activist shareholder group Market Forces has made a formal complaint to Australia’s securities regulator about potentially misleading statements by Santos chairman Keith Spence and managing director Kevin Gallagher in a further escalation of climate pressures around the oil and gas producer’s expansion plans. Americans are paying sky-high energy prices right now – but it doesn’t have to be that way. Mike Dunleavy applauded the news: “This announcement will continue the renaissance on Alaska’s North Slope. Repsol is a Spain-based company that holds an interest in approximately 195,256 net acres on the North Slope. Santos of Papua New Guinea, is one of the leading independent oil and gas producers in the Asia-Pacific region, focused on Australia, Asia, and Alaska. Santos, which acquired Oil Search, has a 51% interest in the project and will invest $2.6 billion to bring the Nanushuk-area field into production, which will require employing 2,600 workers during construction, and 500 jobs once oil production begins.
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