Cyclone damage shuts Jadestone's Stag oil field off WA
The London-listed company may not have fully disclosed to the regulator the full extent of damage to its field off the Pilbara coast.
Adelaide-based Santos owns the Varanus Island and Devil Creek domestic gas projects in the North West and is developing the Dorado oil field off WA and the Barossa LNG project into Darwin.
Santos' $33 million of company tax in 10 years is less than one-thousandth of its Australian revenue, according to Market Forces.
Santos' Varanus Island is not producing gas. Nor are the shuttered North West Shelf and Wheatstone plants.
The troubled $6 billion flagship will be out of action "for a number of weeks," just as Santos' customers are desperate for gas to replace supply from the Middle East.
Santos' decommissioning liability matches a quarter of its $22b value, but its disclosures to investors fared poorly against the latest accounting standards, according to an international survey.
Plans by Santos, which negligently caused an oil spill off WA four years ago, to drill seven exploration wells off the Pilbara coast have drawn fire from an environmental group.
A Federal Court win could mean all offshore oil and gas producers would need to prove they can afford their share of a $62 billion cleanup.
The company is monitoring the leaks that add to its problems at the ageing facilities.
Whether the facility can be used for carbon storage or has to be decommissioned has billion-dollar implications for Santos and its partners.
A vital blow-out preventer failed testing, leading to an "immediate threat" to offshore workers.
Local industy in Australia's largest gas-exporting state is concerned gas producers are prioritising exports at their expense.
A massive oil spill and allegations of a cover-up have resulted in just a $10,000 fine for the $22 billion company.
Australian LNG producers are under pressure on emissions and decommissioning, and Santos wants to tackle both problems in one swoop at Bayu Undan, but it needs everyone to play along.
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